A foreign corporation 'pours' another 1 billion USD into Hai Phong

Today (June 26), Hai Phong City People's Committee held a conference to grant the investment registration certificate to increase capital for LG Innotek Company's project in the 2023-2025 period by 1 billion USD, bringing the total investment capital of the project to 2 billion USD.

Hai Phong leaders awarded the certificate of investment certificate to increase capital for the project of LG Innotek Company.

LG Innotek Hai Phong factory phase 1 has an investment of about 1.05 billion USD, implemented on a land area of more than 17.2 hectares, in Trang Due Industrial Park, An Duong district.

In September 2016, the factory officially went into operation with a capacity of 390 million camera module products, 100% exported, employing about 3,500 workers.

In 2022, the project's revenue will reach 78,200 billion VND from 100% product export; profit will reach 2,500 billion VND, contributing about 163 billion VND to the budget.

Mr. Le Trung Kien, Head of Hai Phong Economic Zone Management Board, said: In this adjustment, LG Innotek (under LG Group) invested more than 1 billion USD (increasing the total investment capital of the project to more than 2 billion USD) to build the V3 factory to produce camera modules for export, creating 2,600 more jobs for workers. The expected profit is 400 million USD/year and the budget contribution is about 100 billion VND/year.

LG Innotek's project increased capital, raising the city's total FDI capital in the first 6 months of the year to nearly 1.9 billion USD, reaching 95% of the yearly plan.

Mr. Kien said that up to now, Hai Phong Economic Zone has attracted a total of nearly 24 billion USD in FDI capital, accounting for 90% of the city's total FDI capital.

Speaking at the conference, Mr. Le Tien Chau, Secretary of the Hai Phong City Party Committee, affirmed that the granting of the investment registration certificate for the LG Innotek Hai Phong factory project on the occasion of the visit of the President of the Republic of Korea to Vietnam is of great significance.

The Secretary of the Hai Phong City Party Committee pledged that city leaders at all levels will always accompany and create the best conditions for LG Group to effectively implement projects.

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