Foxconn iPhone assembler considers to setup shop in Vietnam to secure additional production bases around the world.
Foxconn is considered to be a key supplier for Apple, and with its plan to expand outside of China would be the first significant step towards globalizing their manufacturing capabilities.
The Taiwanese multinational electronics contract manufacturing company Hon Hai Precision Industry Co., Ltd has been known as the single largest employer in mainland China where an estimated 1.5 million people are on their payroll.
Meanwhile, Apple lost its position as the top dog as the most valuable company, and iPhone sales have not been its highest this year with the recent releases of other great phones which are less costly.
And as an assembler of the previously most valuable company, it has harmed Foxconn as the manufacturer and the low sales are possibly ruining the Chinese dream of leading the manufacturing market.
Nonetheless, Vietnam could largely benefit from Foxconn’s migration towards there, opening more job opportunities. But potentially it could be also very expensive and may not yield good results from moving the manufacturing to Vietnam.