LG Innotek, a producer of core components for mobile devices, automotive displays, and semiconductors, will invest $1 billion into building a new manufacturing facility for advanced smartphone camera modules and other optical products in the northern port city of Haiphong.
LG Innotek said that the investmentwill be carried out between July this year and December 2025, with the new plant aiming to provide a wide range of components for the main camera module on Apple's iPhone.
The Seoul-based supplier signed an MoU on expanding its current investment with Haiphong's representatives during an investment promotion trip in Korea on June 13, and the venture will increase the total capital of LG Innotek Vietnam Haiphong to over $2 billion.
Cho Ji Tae, vice chairman of LG Innotek thanked Haiphong for its support for the completion of the investment expansion. “The city’s desire to improve the investment environment and reform its administrative procedures has been the driving force for our decision to expand in Haiphong,” he said.
LG Innotek Haiphong Vietnam Co., Ltd, started operating in October 2017, specialising in electronic and peripheral products.
LG Innotek is an arm of LG Group in Vietnam, which has an accumulated export turnover of $50.6 billion with an average annual increase of 72 per cent.The group’s export turnover accounts for approximately 43 per cent of the export value of the whole city. The group has contributed $530 million to the city’s budget and has created over 31,000 jobs with an average monthly income of around VND13 million ($550).
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Haiphong has granted the investment registration certificate for four projects with the total investment capital of $230 million, and simultaneously signed an agreement with SKC.
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Sao Do Group is doing its utmost with on-spot investment promotion opportunities when it joins the city’s diverse working sessions with international delegations coming to Haiphong.
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With a cumulative total of nearly $25 billion of foreign direct investment so far, and with another $10 billion expected by 2025, Haiphong is becoming the new hub for foreign-invested enterprises in Vietnam.