LG Innotek Vietnam Hai Phong raises investment by 1 billion USD
The People's Committee of northern Hai Phong city held a conference on June 26 to present a certificate to LG Innotek approving its additional capital of 1 billion USD from 2023-2025, raising the company's total investment to over 2 billion USD.
An overview of the LG Innotek Hai Phong factory. (Photo: baodautu.vn)
Hai Phong (VNA) – ThePeople's Committee of northern Hai Phong city held a conference on June 26 topresent a certificate to LG Innotek approving its additional capital of 1billion USD from 2023-2025, raising the company's tota🉐l investmen⛦t to over 2 billion USD.
The LG Innotek Hai Phong factory, located in Trang DueIndustrial Park, is invested by LG Innotek Vietnam Hai Phong Co., Ltd. Afterobtaining an investment certificate in 2016, it officially commenced operations in2020. The factory specialises in manufacturing electronic components for theautomotive, mobile, and phone camera module industries. Once the V3 plant begins production, it expects to generate an additional 2,600 jobs and an estimated annual profit of 400 million USD, contributing100 billion VND (4.34 million USD) to the State budget each year. Speaking at the conference, Secretary of the municipal PartyCommittee Le Tien Chau affirmed that the event marked the development of the LG Corporationand LG Innotek Vietnam Hai Phong in the city in particular. According to the official, among a total of 42 countries andterritories registering for foreign direct investment in Hai Phong, theRepublic of Korea (RoK) takes the lead in terms of both project number and value,with 173 projects worth 9.65 billion USD, or 20.92% of the total projects inthe city. LG’s projects are the most prominent, with a total value of 7.24billion USD, representing more than 37% of the total FDI in the city. The LG Corporation has been accompanying the city in social welfareactivities, such as providing scholarships for universities and contributing 1.4million USD to the national COVID-19 Vaccine Fund. Its business success in HaiPhong has also contributed to strengthening the cooperative and friendship relations between Vietnam and the RoK.
At the event (Photo: VNA)
On this occasion, he committed all possible support to businessactivities in the city, with a safe investment environment that is mutuallybeneficial for both sides. Senior Managing Director of LG Innotek Cho Ji Tae wished that leaders of Hai Phong andthe Northern Power Corporation would continue paying attention to ensuring astable power supply to serve manufacturing operations of the company./.
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An overview of the LG Innotek Hai Phong factory. (Photo: baodautu.vn) 
At the event (Photo: VNA) 
