LG Display Vietnam Hai Phong adds 1.4 billion USD in investment
The LG Display Vietnam Hai Phong Co. Ltd., has recently raised its investment by 1.4 billion USD, bringing the total investment of the entire project to 4.65 billion USD.
At a ceremony that sees LG Display Vietnam Hai Phong raising its investment (Photo: thanhphohaiphong.gov.vn)With this adjustment, it remains the foreign-invested project with the highest value in the port city.
LG Display Vietnam Hai Phong’s project was first approved in April 2016 with an investment of 1.5 billion USD, specialising in the production of LG Corporation’s OLED and LCD screens, among others. Thanks to an improvement in Hai Phong’s investment environment, the company has increased its investment for four times.
In 2020, it earned over 9 billion USD from exports, created jobs for 14,000 workers and contributed 19.4 million USD to the budget.
According to the plan, the company will increase the output of OLED screens from 9.6-10 million units per month to 13-14 million products per month. It expects to pocket more 6.5 billion USD in export turnover, contribute additional 25 million USD to the budget and generate 10,000 more jobs.
The company’s Director General SuK Myung Su pledged to make efforts to soon put the project into full operation.
Projects of the Republic of Korea’s LG Corporation in Hai Phong city’s Trang Due Industrial Park include LG Display Hai Phong, LG Electronics Vietnam Hai Phong and LG Innotek Hai Phong, with a combined investment capital of 7.24 billion USD, accounting for 85.2 percent of the total FDI in the industrial park and 37.13 percent of the total FDI in the northern city./.
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