HNHPF - Apple manufacturing partner said to secure new site in Vietnam to boost production

Foxconn, also known as Hon Hai Precision ( OTCPK:HNHPF ), and Apple's ( NASDAQ: AAPL ) largest manufacturing partner, has reportedly sealed a deal to increase its manufacturing operations in Vietnam.

The Taiwan-based manufacturer signed a lease with Saigon-Bac Giang Industrial Park to have a 111 acre plot of land for “operational needs and expand production capacity," the South China Morning Post reported , citing an exchange filing.

The plot of land cost Foxconn approximately $62.5M, the news outlet added. The lease is said to run through February 2057.

It is unclear at this time what products Foxconn will be producing in the new facility.

In December, it was reported that Apple ( AAPL ) had asked Foxconn to start making MacBooks in Vietnam as soon as May.

Vietnam already serves as a key production hub for the tech giant outside of China, manufacturing a wide range of flagship products for the company, including iPad tablets and AirPods earphones.

Cupertino, California-based Apple ( AAPL ) has made strides in diversifying its manufacturing operations out of China in recent years, but it is still heavily reliant on China.

On Wednesday, it was reported that Apple's ( AAPL ) widely anticipated mixed-reality headset will be announced in June, two months later than previously anticipated .

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