Hai Phong grants investment approval to LG Display’s project

Sunday, 2021-02-07 21:29:14
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At the ceremony to hand over investment certificate to LG Display Vietnam Hai Phong (Photo: VNA)
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NDO/VNA - Chairman of the People's Committee of northern Hai Phong city Nguyen Van Tung on February 7 granted a certificate to LG Display Vietnam Hai Phong's project adding US$750 million in investments.

The additional amount brought the investment capital of the entire project to US$3.25 billion in total, making it the foreign-invested project with the highest value in the port city.

It is set to begin in next month and become operational two months later, creating an additional 5,000 jobs and contributing about US$5 million annually to the State budget.

LG Display Vietnam Hai Phong's project was first approved in April 2016 with an investment of US$2.5 billion, specialising in the production of LG Corporation's OLED and LCD screens, among others.

In 2020, it posted US$5.98 billion in sales revenues, a year-on-year surge of 624 percent.

As of early February, Hai Phong had attracted US$823 million in foreign investment, rising six-fold against the amount recorded in the first two months last year. The figure is projected to hit US$910 million by the end of this month.