The planned facility in Bac Giang province will specialize in the manufacturing and processing of electronic components, particularly integrated circuit boards, according to the report.
Shunsin intends to commence full-scale operations by December 2026, targeting an annual production capacity of 4.5 million units, the report further noted.
Shunsin has not yet provided a response to inquiries for comment. It is primarily owned by a Foxconn subsidiary, which is recognized as the largest contract electronics manufacturer and assembler globally. Foxconn, officially known as Hon Hai Precision Industry, already maintains significant operations in Vietnam.
In July, Foxconn, via its subsidiary Foxconn Singapore, received a license to invest $383 million in a factory dedicated to printed circuit boards in northern Vietnam.
The ministry's report states that all products manufactured at the Shunsin facility in Vietnam will be exported to markets in the United States, European Union, and Japan.
Since its entry into Vietnam in the early 2000s, Foxconn has invested over $3.2 billion in the country, with the majority of its manufacturing facilities situated in the northern provinces of Bac Ninh and Bac Giang.