Apple Inc’s CEO Tim Cook expressed the company’s intention to increase its investment in Vietnam during his visit to Hanoi on Tuesday, as reported by state media. This announcement follows Apple’s recent statement indicating its desire to expand spending on suppliers in the Southeast Asian nation.
Vietnam already serves as a crucial manufacturing hub for Apple, with Cook discussing the company’s plans while meeting with Vietnamese Prime Minister Pham Minh Chinh. Chinh, in turn, pledged to establish a working group to facilitate Apple’s investment in Vietnam, according to state media reports.
In a statement released on Monday on its website, Apple highlighted its commitment to enhancing spending on suppliers in Vietnam, alongside advancements in initiatives supporting clean water for local schools. The company noted that its expenditure in Vietnam has already reached approximately 400 trillion dong ($15.84 billion), generating around 200,000 jobs.
During his two-day visit to Hanoi, Cook engaged with various stakeholders, including suppliers, students, content creators, and users of Apple products. Notably, Vietnam serves as a manufacturing base for Apple products such as iPads, AirPods, and Apple Watches, with suppliers for MacBooks also investing in the country.
According to Apple’s latest suppliers list, the company had 25 suppliers in Vietnam as of 2022, consistent with the previous year’s figure and up from 21 in 2020. These suppliers include prominent names like Foxconn, GoerTek, Luxshare, Intel, Samsung Electronics, and Compal.
Furthermore, amid tensions between the US and China, several industry sources revealed that suppliers to Apple’s main vendors, like Foxconn, are either relocating or considering moves to Vietnam. Some are shifting operations out of China, albeit confidentially, according to these sources.
During Cook’s meeting with Prime Minister Chinh, Vietnam expressed interest in Apple’s support for renewable energy development and high-quality human resource training, as reported by VTV.
Apple’s recent announcement coincides with calls from activists urging the company to address Vietnam’s detention of climate experts.