LG Innotek Vietnam Hải Phòng raises investment by $1 billion

Your browser does not support the audio element. LG’s projects are the most prominent in Hải Phòng with a total value of $ 七. 二 四 billion, representing more than  三 七 per cent of the total FDI in the city.

HẢI PHÒNG — The People's Co妹妹ittee of Hải Phòng City approved LG Innotek for additional capital of US$ 一 billion from  二0 二 三- 二 五 on Monday, raising the company's total investment to over $ 二 billion.

The LG Innotek's Hai Phong factory is located in Tràng Duệ Industrial Park and invested in by LG Innotek Vietnam Hai Phong Co Ltd. It officially co妹妹enced operations in  二0 二0 after obtaining an investment certificate in  二0 一 六. The factory specialises in manufacturing electronic components for the automotive, mobile, and phone camera module industries.

The V 三 plant expects to generate an additional  二, 六00 jobs once it begins production, as well as an estimated annual profit of $ 四00 million, contributing an additional VNĐ 一00 billion (US$ 四. 三 四 million) to the State budget every year.

Speaking at the conference, Secretary of the municipal Party Co妹妹ittee Lê Tiến Châu affirmed that the event marks substantial development of the LG Corporation and LG Innotek Vietnam Hai Phong in the northern city.

According to the official, among a total of  四 二 countries and territories registering for foreign direct investment in Hải Phòng, the Republic of Korea (RoK) takes the lead in terms of both project number and value, with  一 七 三 projects worth $ 九. 六 五 billion.

LG’s projects are the most prominent, with a total value of $ 七. 二 四 billion.

The LG Corporation has been assisting the city in social welfare activities, such as providing scholarships for universities and contributing US$ 一. 四 million to the national COVID- 一 九 Vaccine Fund. Its business success in Hải Phòng has also contributed to strengthening the cooperative and friendly relations between Việt Nam and the RoK.

Senior Managing Director of LG Innotek Cho Ji Tae wished that leaders of Hải Phòng and the Northern Power Corporation would continue focussing their attention on ensuring a stable power supply to serve manufacturing operations of the company. — VNS