A memorandum of understanding on the project was signed by Chairman of the Hai Phong municipal People’s Committee Le Van Thanh and Chief Production Officer and Executive Vice President of LG Display Jeong Cheol-Dong on April 5.
Speaking at the signing ceremony, Thanh pledged to create favourable conditions to allow the project to be implemented as soon as possible. He also asked the investor to ensure payment and build a housing area for workers.
For his part, Jeong Cheol-Dong noted that the project is among LG Display’s important tasks and its first OELD display production project situated outside RoK territory.
The project is scheduled to commence in early May and expected to be put into operation in mid-2017, providing employment for approximately 6,000 labourers. OELD display products manufactured there will be provided for the world market, while about 20% of the products aim to serve domestic consumption.
Hai Phong is currently attracting over US$10 billion in foreign direct investment. LG Display’s project is one of the two largest investment projects in the city, alongside Japan’s US$1.5 billion Bridgestone tyre production project, which is currently in its first phase of operation.
