"Made in Vietnam" could be the newest thing you'll see printed on the back of your iPhones or Nintendo Wiis in the near future. Taipei-based Foxconn Electronics (Hon Hai Precision Industry), the world's largest contractor for electronics, announced that they will be expanding their operation to Vietnam.

Responsible for the production of products such as Apple's iPhone and iPod, as well as Nintendo's Wii console, Foxconn decided to continue to diversify their plant operations to Vietnam to maintain their cost-efficient business practices within the most efficient manufacturing area outside of China.

A deal was already signed last August 29 with Foxconn's chief executive Terry Gou and Vietnam's Ministry of Planning and Investment investing a US$ 5 billion contract into various high tech and supporting industries projects. Also, Foxconn has invested US$ 160 million in two plants in the Que Vo Industrial Zone, as well as hiring about 500 local university graduates with plans of hiring up to a maximum of 300,000 employees.

Tung Kim Nguyen, a partner at Indochina Capital, had this to say about Vietnam:

Vietnam is the next outsource manufacturing centre of Asia, this is because of a China-plus-one strategy that manufacturers are adopting and a response to anti-dumping suits that will be hitting the Chinese point of origin manufacturers hard over the next few years