Attending the event were Hai Phong City Party Secretary Le Tien Chau, Hai Phong City People's Committee Chairman Nguyen Van Tung, and Mr. Cho Ji Tae - Vice President of LG Innotek Group, Korea.
Hai Phong City leader Nguyen Van Tung presented the Investment Certificate and flowers to the representative of LG Innotek, Korea.
In the period of 2021 - 2022, Hai Phong is the leading locality in the country in attracting FDI capital in the industrial production sector, with total FDI capital estimated to reach over 9.36 billion USD by the end of June 2023.
Of the 42 countries and territories registering for FDI investment in Hai Phong, South Korea is the leading country in both the number of projects and investment capital with 173 projects, the total registered capital is 9.65 billion USD, accounting for 20.92% of the total number of investment projects in the city. Typical are projects belonging to the LG complex with a total investment capital of 7.24 billion USD, accounting for 37.13% of the total FDI investment capital in the city.
LG Group's cumulative export turnover is 50.6 billion USD, with a growth rate of 72%/year, accounting for 43% of the export turnover of Hai Phong City, contributing 530 million USD to the city budget, creating jobs for 31,000 workers with an average income of 13.1 million VND/person/month.
To meet the determination and expectations of LG Group's leaders, Hai Phong City is committed to always accompanying and creating the best conditions for LG to effectively implement projects. As evidence of this, immediately after the Investment Promotion Conference in Korea (from June 11 to 14, 2023), the Standing Committee of Hai Phong City Party Committee issued a notice, agreeing to the policy of adjusting the LG Innotek Hai Phong factory project.
On that basis, on June 21, the Hai Phong Economic Zone Management Board adjusted the Investment Certificate for LG Innotek to expand the above project with a total investment capital of 2.051 billion USD (an increase of 1 billion USD compared to before).
Mr. Cho Ji Tae, Vice President of LG Innotek Corporation, Korea, represented LG Innotek to commit to continue long-term, sustainable investment in Hai Phong.
Speaking at the investment certificate awarding ceremony, Mr. Le Tien Chau emphasized that this is an important milestone marking the development of LG Group in general and LG Innotek in particular in Hai Phong City. In the coming time, Hai Phong City will continue to strongly improve the investment and business environment; focus on developing infrastructure, especially regional transport infrastructure projects; synchronously implement solutions to improve the efficiency of attracting high-quality labor; create favorable conditions to support workers as well as ensure labor resources for investors when implementing projects.
"Hai Phong always opens its doors to welcome investors and is committed to being an ideal destination for investors, especially investors from Korea," said Mr. Chau.
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