LG plans to pour further US$1 billion investment into Vietnam

LG pours an additional US$1 billion into Vietnam (Photo: cafef.vn)

LG Display Vietnam Hai Phong’s project in the Trang Due Industrial Zone was first approved in April 2016, with an investment of US$1.5 billion, specialising in the production of OLED and LCD screens, among other items.

According to statistics released by the Hai Phong Economic Zone Authority (HEZA), the investment will serve to boost the company’s OLED display output at its factory whilst raising its total investment in the Vietnamese market to US$5.65 billion.

The project is one of LG's biggest investments in Vietnam and has a monthly output of 14 million OLED displays.

At present, after eight years of operation, it has continuously expanded its scale and increased investment capital, a factor which has created jobs for more than 22,000 workers.

To date, Hai Phong has attracted 1,000 FDI projects worth US$32.2 billion from 40 countries and territories and 228 domestic investment projects valued at US$13.7 billion, the majority of which have invested capital in manufacturing and processing.

Of the overall FDI capital, US$26.2 billion has been channeled into the Dinh Vu - Cat Hai Economic Zone, which has recorded a high occupancy rate of 70%.

Recently, major international corporations, including LG Group, SK Group, and VinFast automaker, have set up operations in Hai Phong, further integrating the city into global value chains.