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|LG Display raising $1.4 billion additionally in total investment|
LG Display Vietnam has just received the adjusted investment certificate for the $1.4 billion raise from the Haiphong Economic Zone Authority. This new investment has expanded its total investment in the countryto $4.65 billion.
LG Display, the biggest investor in the city as of date, received its first investment certificate in 2016 for a total investment of $1.5 billion for a factory manufacturing plastic OLED screens for mobile devices, OLED TV screens, and LCD screens.
Since then, the South Korean manufacturer has raised capital several times. The latest (bar the current one) was in February when it poured $750 million into the project.
The additional $1.4 billion will increase the monthly manufacturing capacity of plastic OLED screens to 13-14 million from almost 10 million. Accordingly, the export value will soar $6.5 billion per year, while state budget revenues will increase by about $25 million a year. The investment will generate 10,000 additional jobs.
In 2020, LG Display Haiphong gained about $9 billion in export turnover, created 14,000 jobs, and paid $19.4 million into the state budget.
Also in Haiphong, in addition to LG Display, there is an LG Electronics factory manufacturing household electronics with a total investment of $1.5 billion and LG Innotek representing a total investment of $1.051 billion.
As of August 20, 2021, South Korea ranks third among 92 countries and territories investing in the country with a total investment of $2.4 billion, making up 12.7 per cent, following Singapore and Japan.