LG Display Vietnam Hai Phong adds US$1.4 billion in investment

Wednesday, 2021-09-01 08:49:20
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The ceremony to grant the investment expansion certificate to LG Display
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NDO/VNA - The LG Display Vietnam Hai Phong Co. Ltd., has recently raised its investment by US$1.4 billion, bringing the total investment of the entire project to US$4.65 billion.

With this adjustment, it remains the foreign-invested project with the highest value in the port city.

LG Display Vietnam Hai Phong’s project was first approved in April 2016 with an investment of US$1.5 billion, specialising in the production of LG Corporation’s OLED and LCD screens, among others. Thanks to an improvement in Hai Phong’s investment environment, the company has increased its investment for four times.

In 2020, it earned over US$9 billion from exports, created jobs for 14,000 workers and contributed US$19.4 million to the budget.

According to the plan, the company will increase the output of OLED screens from 9.6-10 million units per month to 13-14 million products per month. It expects to pocket more US$6.5 billion in export turnover, contribute additional US$25 million to the budget and generate 10,000 more jobs.

The company’s Director General Suk Myung Su pledged to make efforts to soon put the project into full operation.

Projects of the Republic of Korea’s LG Corporation in Hai Phong city’s Trang Due Industrial Park include LG Display Hai Phong, LG Electronics Vietnam Hai Phong and LG Innotek Hai Phong, with a combined investment capital of 7.24 billion USD, accounting for 85.2 percent of the total FDI in the industrial park and 37.13 percent of the total FDI in the northern city.