LG poured another 1 billion USD into Hai Phong ‘base’

This morning, June 26, Hai Phong People’s Committee awarded an investment registration certificate to LG Innotek Vietnam Co., Ltd., thereby expanding the investment scale for the existing manufacturing plant in Trang Due industrial park by 1 billion. USD.

This is the result after the investment promotion trip to Korea of ​​the Hai Phong delegation led by Secretary of the City Party Committee Le Tien Chau on June 14.

Hai Phong is LG’s investment base in Vietnam.

Mr. Le Trung Kien, Head of Hai Phong Economic Zone Authority, said that during the meeting with Hai Phong’s delegation in Korea, LG Innotek Korea of ​​LG technology group signed a memorandum of understanding to continue. expand investment, expand production scale at factory V3 in Trang Due industrial zone.

Immediately after the delegation returned, on June 20, the Standing City Party Committee agreed to the policy and on June 21, Hai Phong People’s Committee issued an investment registration certificate to adjust capital increase, to today give to LG Innotek Vietnam Co., Ltd. deploys.

This capital increase was for LG Innotek Hai Phong factory, which was implemented in phase I from 2016 with an investment value of about 1.05 billion USD at that time. The factory is located on more than 17.2 hectares of land in Trang Due industrial zone, An Duong district. Right in September 2016, the factory went into operation with a capacity of 390 million camera module products, 100% exported, creating jobs for about 3,500 employees.

In 2022, the project’s revenue will reach VND 78,200 billion, with export and import value of VND 64,700 billion, profit of VND 2,500 billion, contributing to the budget about VND 163 billion.

With this capital increase, LG Innotek will build a factory V3, which also produces camera modules for export, creating 2,600 more jobs for workers. The project will be implemented from now to 2025, bringing an expected profit of 400 million USD/year, contributing about 100 billion VND/year to the state budget.

With this result, the total FDI capital of Hai Phong in the first 6 months of the year increased to nearly 1.9 billion USD, reaching 95% of the year plan. This is a very encouraging result for the efforts of the city in general and the Hai Phong Economic Zone Authority in particular in promoting investment and attracting foreign investment.

Secretary of the Hai Phong City Party Committee Le Tien Chau pledged to continue to strongly improve the investment and business environment and focus on developing infrastructure, especially regionally linked transport infrastructure projects.

Secretary of the City Party Committee Le Tien Chau emphasized that Hai Phong’s quick grant of an investment certificate to LG Innotek after only 6 working days is a concrete demonstration of the port city’s commitment to always accompany and create favorable conditions. the best conditions for LG to implement effective projects in the area.

Thereby showing the confidence of Korean investors, continuing to lead with both numbers of 173 projects, 9.65 billion USD in capital, among 42 FDI countries in Hai Phong.

Among these, Hai Phong was selected by LG as its large-scale production base in Vietnam with a total investment of 7.24 billion USD in projects.

At the conference to award the investment certificate to LG Innotek, the Secretary of the Hai Phong City Party Committee once again emphasized, committed, the city leaders will always accompany and create the best conditions for LG Group to develop. Launch effective projects.

He also affirmed Hai Phong’s commitment to continue to strongly improve the business investment environment; focus on developing infrastructure, especially transport infrastructure works with regional connectivity; synchronously implementing solutions to improve the efficiency of attracting high-quality labor resources, creating favorable conditions to support employees as well as ensuring labor resources for investors when implementing projects.

Directly to Korea to promote investment, Hai Phong signed a cooperation agreement of 1.5 billion USD

(PLO)- Secretary of Hai Phong City Party Committee Le Tien Chau is directly going to Korea to invite kimchi enterprises to invest in the port city.

MR. VU