The lease was issued to Foxconn subsidiary Fulian Precision and runs until 5 February, 2057. The facility's purpose is to meet "operational needs and expand production capacity."
It is widely believed that more than 30,000 workers will work at the plant building the Apple Watch and MacBooks. The area is a hub for Big Tech factories and Foxconn is thought to already work on the iPad and AirPod in those parts.
While the Tame Apple Press has claimed the move will ensure Jobs' Mob supply chains now that Foxconn does not have to worry about Chinese Covid lockdowns, Vietnam had lock-downs of its own during the same period. What is more likely is that both Apple and Foxconn are worried about increased tensions between the US and China.