HANOI (Reuters) - Apple (NASDAQ:AAPL) supplier Luxshare Precision Industry Co has been awarded a license to invest an additional $330 million in its plant in Vietnam's northern province of Bac Giang, raising the total investment to $504 million, provincial authorities said.
The new facility at Luxshare-ICT, Luxshare's arm in Vietnam, will be on a plot of 29.1 hectares (72 acres) and will produce cables for smart devices, communications equipment, touch pens, smart positioning tags and smartwatches, Bac Giang authorities said in a statement dated Wednesday.
The facility is expected to be completed in 12 to 24 months, it added.
China-based Luxshare, one of Apple's main AirPods makers, started investing in Vietnam since 2019. Its additional investment in the country comes as other manufacturers seek to further diversify production away from China.
Earlier this year, another Apple supplier, Foxconn, set up a new factory in central Vietnam and raised its investment in the country by $250 million to make electric vehicles and telecom parts.
Luxshare did not immediately respond to a request for comment.