An LG factory in Hai Phong city. (Photo: VNA) Hanoi (VNA) – LG Electronics Inc. said on March 9 that it is scaling upits research and development operations in Vietnam to respond to a rapidlygrowing electric vehicle (EV) parts business.
The Korean tech companyheld a ceremony on March 8 to celebrate the opening of a new entity in Hanoi,in a bid to further nurture the existing auto parts-focused R&D centre which LG has been running since 2016.
LG's Hanoi R&D centrefocuses on software development and inspection of in-vehicle products,including telematics, and audio, video and navigation devices.
The companyexpects the new entity to strengthen LG's R&D infrastructure andcompetitiveness in Vietnam, and said it will increase the number of developersthere by more than 30% to 1,000 by next year.
In 2020, LG also opened an R&D office for auto parts in the central city of Da Nang to enhance itsEV-related business and nurture talent. The giant considers the EV partsbusiness one of its most promising growth sectors.
During the fourth quarter, thecompany reported a significant drop in operating profit due to slowing demandfor home appliances, but its EV parts business made a turnaround 10 years afterits launch.
In early January, EunSeok-hyun, President of LG's vehicle component solutions division, said heexpects its EV parts business to grow sharply this year to top 10 trillion won (over7.5 billion USD) in sales./.
