Illustrative photo (Source:Internet)
Hanoi (VNA) – The Republic of Korea (RoK)’s LG Displays Co. Ltd will invest 1.5 billion USD into its new project at the Trang Due Industrial Zone in the northern city of Hai Phong.

Under the project, LG Display will build a production and outsourcing zone for organic light emitting diode (OLED).

A memorandum of understanding on the project was signed by Chairman of the Hai Phong municipal People’s Committee Le Van Thanh and Chief Production Officer and Executive Vice President of LG Display Jeong Cheol-dong on April 5.

The project is scheduled to commence in early May and is expected to become operational in mid-2017, providing employment for approximately 6,000 labourers.

Most of the OLED display products manufactured will be for the world market, though about 20 percent of the products were aimed to serve domestic consumption.

Hai Phong is currently attracting over 10 billion USD in foreign direct investment. This LG Display’s project is one of the two largest investment projects in the city, alongside Japan’s 1.5 billion Bridgestone tyre production project, which is currently in its first phase of operation.-VNA