LG Group invests another 1 billion USD in Hai Phong

On June 26, Hai Phong City People's Committee held a conference to grant the Certificate of Investment Registration for Capital Increase to LG Innotek Vietnam Hai Phong Co., Ltd.

Previously, during the working session with LG Group in Korea of ​​the Hai Phong City Investment Promotion Delegation on June 13, 2023, LG Innotek Korea signed a memorandum of understanding with the Hai Phong City People's Committee on continuing to expand investment and production scale at the V3 factory in Trang Due Industrial Park. After only 6 working days, the Standing Committee of the City Party Committee issued Notice No. 1545-TB/TU on June 20 agreeing in principle and on June 21 issued the Investment Registration Certificate to increase capital.

In this adjustment, LG Innotek 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.

Certificate award ceremony scene.

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. This is a very encouraging result for the efforts of the city in general, and the Hai Phong Economic Zone Management Board in particular, in promoting investment and attracting foreign investment. At the same time, it demonstrates LG Group's confidence in the city's investment environment.

Mr. Le Trung Kien - Head of Hai Phong Economic Zone Management Board said that up to now, Hai Phong Economic Zone has attracted a total of nearly 24 billion USD of FDI capital, accounting for 90% of the city's total FDI capital. The average import-export turnover of the economic zone reaches 12.3 billion USD/year (80% of the city's total import-export turnover), contributing about 5,000 billion VND to the budget annually.

Speaking at the conference, Mr. Le Tien Chau - Secretary of Hai Phong City Party Committee - expressed his joy and excitement when attending the Conference to grant the investment registration certificate for the LG Innotek Hai Phong factory project, on the occasion of the special visit of the President of the Republic of Korea to Vietnam. Mr. Chau assessed: LG Group's projects have made positive contributions to the city's socio-economic development; promoted the modernization of industry, applied high technology in production, formed a production chain linking foreign and domestic enterprises. At the same time, increased the rate of localization of production, developed supporting service industries and solved the large employment needs of the city, maintained stable income for workers. In addition, the success of LG Group in Hai Phong also helped to strengthen the cooperative and friendly relationship between the two countries of Vietnam and Korea.

Hai Phong City leaders awarded an additional investment certificate of 1 billion USD for the LG Innotek Hai Phong factory project.

According to statistics from the Ministry of Planning and Investment, South Korea has invested nearly 82 billion USD in Vietnam, of which nearly 11 billion USD (accounting for 14% of the country) is concentrated in Hai Phong City and most of it is located in the Economic Zone. The total number of Korean projects in the Economic Zone is nearly 120 projects, typically LG, Heesung, Bluecom, DongYang, Haengsung. In particular, LG Group's projects play a very important role, contributing to completely changing the face of the economic zone. Specifically, LG Group has invested 7.24 billion USD in Hai Phong (LG Electronics, LG Display, LG Innotek, LG CNS, LG Chemical - 2 projects, LG International) and 50 other satellite enterprises.

(Source: Industry and Trade)

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Source: https://vtc.vn/tap-doan-lg-dau-tu-them-1-ty-usd-vao-hai-phong-ar802100.html