LG Electronics Haiphong site damaged by Typhoon Yagi

September 11, 2024 | 15:35

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A part of the Learning Centre factory belonging to LG Electronics Haiphong collapsed due to heavy rain during and after Typhoon Yagi.

LG Electronics Haiphong site damaged by Typhoon Yagi

LG and its satellites established an ecosystem in An Duong Industrial Park with seven factories following an investment of more than $7.2 billion. These factories serve LG Electronics, LG Display, LG Innotek, LG CNS, LG Chemical, and LG International. In addition, about 50 LG satellite enterprises are also operating in An Duong.

The storm also damaged many other large modern factories in Haiphong's nine industrial parks (IPs).

Le Trung Kien, director of Haiphong Economic Zones Management Authority, said, "The city has so far only been able to assess the number of damaged factories in the IPs, but we have yet to calculate the specific costs."

LG is one of the biggest foreign-invested enterprises in Haiphong, with consolidated export turnover estimated at $50.6 billion. The export value of LG accounts for 43 per cent of the northern port city's export turnover.

LG contributed $530 million to Haiphong's state budget so far, equal to $66 million per year since its establishment.

Furthermore, LG generates jobs for 31,000 people, including 30,338 domestic employees and workers and 406 foreign employees with a monthly average income of VND13.1 million ($545.83) per person.

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By Nguyen Kim

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