A Wistron's building in India. After news of stopping business in India, Wistron announced a new investment plan in Việt Nam. — AFP/VNA Photo

The Board of Directors of Wistron Corp, one of Apple's three main iPhone manufacturing partners, approved a plan to invest an additional US$24.5 million in a newly established firm in Việt Nam to expand its business.

Specifically, Wistron will pour capital into Wistron Technology (Việt Nam) Co., Ltd. This is the factory that manufactures the main graphics processing unit (GPU) server module for Nvidia, a US-based technology business.

Up to now, the company from Taiwan (China) has invested a total of about $324.5 million in Việt Nam.

The first Wistron affiliate in the country is Wistron Infocomm Việt Nam Co., Ltd. The business manufactures computer peripherals and monitors. However, the company is not yet an Apple supplier.

Wistron Infocomm Việt Nam is located at Đồng Văn III Industrial Park, Duy Tiên, Hà Nam Province.

The plant was awarded the priority enterprise accreditation by the General Department of Vietnam Customs in July 2022. Wistron Infocomm Việt Nam is the first company in Hà Nam Province to achieve this certificate.

Wistron, earlier, was reported to exit its business in India after a successful stint spanning over 15 years. Tata Group is close to signing an agreement with Wistron to acquire its factory there.

In the semi-annual financial statement, Wistron said that its net profit grew to TWD3.23 billion (US$1.03 billion) in the second quarter of 2023.

Earnings per share (EPS) increased from $0.0019 to $0.037. However, this value is still lower than the record set last year of $0.048.

The growth was boosted by additional profits, including foreign exchange gains of TWD1.52 billion, according to Wistron. Furthermore, the company's ownership in Luxshare has been revalued at TWD535 million. — VNS