The Hai Phong City People’s Committee on September 10 granted an investment licence to LG Electronics Inc (LGE) of the Republic of Korea to build a hi-tech manufacturing and assembly plant in the city’s Trang Due Industrial Park.

Accordingly, the factory will be built at a cost of 1.5 billion USD, with the two-phase construction expected to be completed within 10 years.

The project’s first phase is set to be finished in September 2015.

Once operational, the plant will focus on producing key products, including electronic measuring devices, digital broadcasting equipment for automobile, colour and smart televisions, air conditioners, vacuum cleaners, washing machines and smart phones.

The project is expected to significantly contribute to socio-economic development in Hai Phong and the country as a whole.-VNA