Business

Vietnam calls for more investment from LG

Deputy Prime Minister Tran Luu Quang hosted a reception for Kim Myoung-kyu, Vice President of LG Display Co Ltd, a subsidiary of LG Group of the Republic of Korea (RoK), on March 31 in Hanoi.
Vietnam calls for more investment from LG ảnh 1Deputy Prime Minister Tran Luu Quang (R) and  Kim Myoung-kyu, Vice President of LG Display Co Ltd. (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister Tran Luu Quanghosted a reception for Kim Myoung-kyu, Vice President of LG Display Co Ltd, a subsidiary of LG Group ofthe Republic of Korea (RoK), on March 31 in Hanoi.

During the meeting, Quang suggested the RoK firm expand its investment in HaiPhong and other Vietnamese localities and build a research & development centre inVietnam.

The DeputyPrime Minister highly appreciated the investment and business efficiency of LGGroup and LG Display in particular in Vietnam, saying that thosehave contributed to the Southeast Asian nation’s socio-economic development, and deepening the Vietnam – RoK comprehensivestrategic partnership.

Quangsaid the Vietnamese Prime Minister has approved the adjusted master plan of Hai Phong city to 2040, with a vision towards 2050, which aims to expand the land fund for industrialdevelopment, thus creating favourable conditions for investors, including LGGroup, to increase investment in the city.

Vietnam calls for more investment from LG ảnh 2Deputy Prime Minister Tran Luu Quang shakes hands with Kim Myoung-kyu, Vice President of LG Display Co Ltd. (Photo: VNA) 
For his part, Kim appreciated the support of the VietnameseGovernment in general and Hai Phong in particular for the firm in implementing investmentprojects, maintaining production and business activities in Vietnam, especiallyduring the COVID-19 outbreak.

Accordingto the Management Board of HaiPhong Economic Zone Authority (HEZA), LG Group has sevenprojects worth over 7 billion USD in the city, including LG Electronics, LG Displayand LG Innotek.  Hai Phong is also hometo over 50 other RoK businesses with a total investment of nearly 1 billionUSD.

Last year, the export value of LG ’s subsidiaries in Hai Phong totaled12.4 billion USD, accounting for over 40% of Hai Phong’s export turnover. RoKfirms have created jobs for nearly 40,000 labourers in the city.

The RoK remains the largest foreign investor of Vietnam with atotal registered capital of nearly 82 billion USD. RoK investors are operating in19 economic sectors in 59 provinces and centrally-run cities across thecountry./.

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