Apple Hatches $1 Billion Investment Plan in Vietnam

Tuan Minh

11:16 16/03/2016

BizLIVE - Apple Inc. is planning to build a database center worth $1 billion in Vietnam as major global electronics manufacturers are present in the country.

Apple Hatches $1 Billion Investment Plan in Vietnam

Visual of an Apple Store in New York. (Photo: Internet)

Apple Inc. has plans to invest up to $1 billion to build an Asia-focused database center in Vietnam, scheduled to operate as a Research & Development (R&D) of the firm, the Dau Tu (Investment) newspaper cited people with knowledge of the matter as saying.
The project is currently at the initial phase and Apple is considering locations for the facility, possibly in Hanoi, the Ministry of Planning and Investment-run newspaper added.
The U.S. technology giant has hinted increasing interest in the Vietnamese market, where it established its wholly-owned subsidiary, Apple Vietnam LLC, in Ho Chi Minh City last October. The firm is headed by Gene Daniel Levoff, who is Apple Inc.’s vice president of corporate law and director. He is also in charge of Apple’s international operations.
Apple has recently announced vacancies for iPhone distribution director and iOS retail director in Vietnam, fanning hopes that the U.S. multinational firm will open stores in the Southeast Asian country.
Apple products, which Vietnamese consumers see as a symbol of social status, are distributed by its authorized sellers and mobile network operators such as FPT Shop and MobiFone. Around half of the products are carried into Vietnam via hand-luggage.
The newspaper linked Apple’s $1 billion investment plan with Compal, a Taiwanese contract laptop maker. Compal last year announced a plan to invest $500 million to revive its manufacturing plant in the northern province of Vinh Phuc, in partnership with a U.S. firm.