Hai Phong grants investment approval to LG Display’s project

At the ceremony to hand over investment certificate to LG Display Vietnam Hai Phong (Photo: VNA)

Hai Phong (VNA) - Chairman of the People’s Committee of northern Hai Phong city Nguyen Van Tung on February 7 granted a certificate to LG Display Vietnam Hai Phong’s project adding 750 million USD in investments.

The additional amount brought the investment capital of the entire project to 3.25 billion USD in total, making it the foreign-invested project with the highest value in the port city.

It is set to begin in next month and become operational two months later, creating an additional 5,000 jobs and contributing about 5 million USD annually to the State budget. 

LG Display Vietnam Hai Phong’s project was first approved in April 2016 with an investment of 2.5 billion USD, specialising in the production of LG Corporation’s OLED and LCD screens, among others.

In 2020, it posted 5.98 billion USD in sales revenues, a year-on-year surge of 624 percent.

As of early February, Hai Phong had attracted 823 million USD in foreign investment, rising six-fold against the amount recorded in the first two months last year. The figure is projected to hit 910 million USD by the end of this month./.

VNA