Foxconn, the world’s biggest electronics manufacturer, said it will invest in one gigawatt of solar and wind energy production in Vietnam, where energy supplies have been upended by the war in the Middle East.
The southeast Asian country imported almost 80% of its oil from Kuwait before the start of the conflict, leaving it hugely vulnerable. Vietnam is among dozens of nations worldwide racing to green their grids as both global energy prices and power demand rise.
Meanwhile the investment commitment from Foxconn — supplier to Apple and Nvidia, among other US tech behemoths — highlights its shift in manufacturing away from China as it looks to minimize the impact of the Sino-US trade standoff.