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RoK firm invests 1.5bln USD in northern economic zone

The Republic of Korea's LG Electronics (LGE) has been granted a licence to invest 1.5 billion USD in a new manufacturing complex in the northern port city of Hai Phong.
The Republic of Korea's LG Electronics (LGE) has been granted a licenceto invest 1.5 billion USD in a new manufacturing complex in the northernport city of Hai Phong.

The project will be developedon a 10ha site in Trang Due Industrial Zone, a complex comprisingindustry, a township, recreation facilities and service parks on a totalarea of 600ha.

The project will be divided into twostages. The first stage will be developed in four years with 510 millionUSD. The second one will involve spending 990 million USD over fiveyears.

The committee hopes the project will help thezone attract more investors, particularly LGE partners and satelliteparties; and create about 20,000 jobs.

LGE will takeadvantage of new tax incentives available from the middle of August.They include corporate income tax of only 10 percent in the first 15years of operation.-VNA
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