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South Korea's LG Innotek Group poured another 1 billion USD into Hai Phong

South Korea's LG Innotek Group poured another 1 billion USD (in the period of 2023-2025) to build more factories in Hai Phong City, bringing the total investment capital to 2 billion USD.

Leaders of Hai Phong City awarded the investment certificate to the representative of LG Innotek Group on June 26 - Photo: Tuoi Tre

On June 26, Hai Phong City People's Committee held an investment registration certificate to adjust the capital increase for LG Innotek's project (period from 2023-2025) with the amount of 1 billion USD, bringing the total investment capital to 1 billion USD. of the project to 2 billion USD.

Previously, on June 13, the delegation of Hai Phong led by Mr. Le Tien Chau - Secretary of Hai Phong City Party Committee - had a meeting and had a direct discussion with leaders of LG Group and LG Group. Innotek in Korea.

At this meeting, leaders of LG Innotek Group signed a memorandum of understanding with the People's Committee of Hai Phong City on continuing to expand investment and production scale at the factory in Trang Due Industrial Park, district An Duong.

After only three working days, the Management Board of Hai Phong Economic Zone completed the city's consultation and granted the investment registration certificate to LG Innotek Vietnam Hai Phong Co., Ltd., showing its decision. focus on reforming administrative procedures, and improving the business investment environment.

Mr. Le Trung Kien - Head of Hai Phong Economic Zone Authority - said that the factory of LG Innotek Vietnam Hai Phong Co., Ltd. was granted an investment registration certificate in 2016 and by September 2017 the factory in Hai Phong was awarded a certificate of investment registration. Trang Due industry officially put into operation.

At that time, the project had a total investment of more than 1 billion USD, specializing in the production of camera module products, and employing 3,500 employees. The increase in investment capital by LG Innotek helped bring the total FDI capital of Hai Phong in the first 6 months to approximately $1.9 billion, accounting for 95% of the year plan.

According to Mr. Kien, the additional investment capital will be used to build more V3 factories according to the smart model, creating more jobs for about 2,600 employees, expected profit of 400 million USD/year, contributing 100 billion VND to the state budget. /year.

Mr. Le Tien Chau expressed his expectation that LG Group in general and LG Innotek in particular will continue to invest in expansion, have new projects, operate effectively, and contribute more to the development of the city.

Affirming commitment to regularly support, create favorable conditions and quickly solve administrative procedures, accompany to remove difficulties and problems for businesses. At the same time, he asked the Hai Phong Economic Zone Authority and relevant departments to continue to support and create all favorable conditions during LG Innotek's project implementation.

(Tuoi Tre)


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