Haiphong People's Committee has awarded the investment certificate for the LG Display Haiphong project to increase capital by $750 million.
|LG Display receiving the authorisation for investment expansion |
The meeting between Haiphong City Party Committee and industrial zone (IZ) infrastructure investors aimed to resolve the difficulties and promote investment in IZs. Additionally, LG Display Haiphong Co., Ltd. has been awarded the certificate to expand investment by $750 million.
The LG project is located in Trang Due Industrial Park, Haiphong city. Haiphong Economic Zone Authority has issued its first investment registration certificate on April 15, 2016 with the total registered investment capital of $2.5 billion, authorising it to manufacture OLED TV screen, plastic OLED screens, and LCD screens, among others.
After the capital expansion, the project will have a total investment capital of $3.25 billion, becoming the biggest foreign project in Haiphong city. The project is expected to launch in March and officially begin production in May this year, providing jobs for about 5,000 workers as well as meeting the housing demand of about 10,000 workers and experts. It will contribute about $5 million to the state budget annually.
|The LG Display facility in Haiphong |
Le Trung Kien, head of Haiphong Economic Zone Authority, assessed that the quick evaluation of the project shows extremely high determination by the province to reform administrative procedures, improve the business and investment environment, as well as make Haiphong an important destination for domestic and foreign investors.
In his speech after receiving the investment certificate at the conference, Suk Myung Su, general director of LG Display Vietnam Haiphong Co., Ltd. affirmed: “We realise that Haiphong’s management board always strives to improve the investment environment, giving foreign investors the opportunity to discover opportunities and encouraging them to make the investment decision. We believe that the Haiphong management board will continue to support foreign investors like us with a safe, secure, and stable investment environment for future long-term plans.”
During the period of fighting against the COVID-19 pandemic, Haiphong had to ensure the safety of residents while maintaining economic development and other activities. The drastic prevention activities by the state management agencies in general and Haiphong city proved effective, increasing investor confidence. By the beginning of February 2021, Haiphong attracted $823 million of foreign direct investment (nearly six times the $141.1 million attracted in the same period of 2020). It is expected that by the end of February, Haiphong’s total FDI attraction will reach about $910 million.
This positions Haiphong well to fulfil the FDI attraction target of $2.5-3 billion in 2021, cementing its position as a safe and ideal destination for domestic and foreign investors.