The People’s Committee of northern Hai Phong city held a conference on June 26 to present a certificate to LG Innotek approving its additional capital of 1 billion USD from 2023-2025, raising the company’s total investment to over 2 billion USD.
The LG Innotek Hai Phong factory, located in Trang Due Industrial Park, is invested by LG Innotek Vietnam Hai Phong Co., Ltd. After obtaining an investment certificate in 2016, it officially commenced operations in 2020. The factory specialises in manufacturing electronic components for the automotive, mobile, and phone camera module industries.
Once the V3 plant begins production, it expects to generate an additional 2,600 jobs and an estimated annual profit of 400 million USD, contributing 100 billion VND (4.34 million USD) to the State budget each year.
Speaking at the conference, Secretary of the municipal Party Committee Le Tien Chau affirmed that the event marked the development of the LG Corporation and LG Innotek Vietnam Hai Phong in the city in particular.
According to the official, among a total of 42 countries and territories registering for foreign direct investment in Hai Phong, the Republic of Korea (RoK) takes the lead in terms of both project number and value, with 173 projects worth 9.65 billion USD, or 20.92% of the total projects in the city. LG’s projects are the most prominent, with a total value of 7.24 billion USD, representing more than 37% of the total FDI in the city.
The LG Corporation has been accompanying the city in social welfare activities, such as providing scholarships for universities and contributing 1.4 million USD to the national COVID-19 Vaccine Fund. Its business success in Hai Phong has also contributed to strengthening the cooperative and friendship relations between Vietnam and the RoK. On this occasion, he committed all possible support to business activities in the city, with a safe investment environment that is mutually beneficial for both sides.
Senior Managing Director of LG Innotek Cho Ji Tae wished that leaders of Hai Phong and the Northern Power Corporation would continue paying attention to ensuring a stable power supply to serve manufacturing operations of the company./.
Source: Vietnam News Agency