Vietnam calls for more investment from LG

Deputy Prime Minister Tran Luu Quang (R) and Kim Myoung-kyu, Vice President of LG Display Co Ltd. (Photo: VNA)

Hanoi – Deputy Prime Minister Tran Luu Quang hosted a reception for Kim Myoung-kyu, Vice President of LG Display Co Ltd, a subsidiary of LG Group of the Republic of Korea (RoK), on March 31 in Hanoi.

During the meeting, Quang suggested the RoK firm expand its investment in Hai Phong and other Vietnamese localities and build a research & development centre in Vietnam.

The Deputy Prime Minister highly appreciated the investment and business efficiency of LG Group and LG Display in particular in Vietnam, saying that those have contributed to the Southeast Asian nation’s socio-economic development, and deepening the Vietnam – RoK comprehensive strategic partnership.

Quang said the Vietnamese Prime Minister has approved the adjusted master plan of Hai Phong city to 2040, with a vision towards 2050, which aims to expand the land fund for industrial development, thus creating favourable conditions for investors, including LG Group, to increase investment in the city.

For his part, Kim appreciated the support of the Vietnamese Government in general and Hai Phong in particular for the firm in implementing investment projects, maintaining production and business activities in Vietnam, especially during the COVID-19 outbreak.

According to the Management Board of Hai Phong Economic Zone Authority (HEZA), LG Group has seven projects worth over 7 billion USD in the city, including LG Electronics, LG Display and LG Innotek. Hai Phong is also home to over 50 other RoK businesses with a total investment of nearly 1 billion USD.

Last year, the export value of LG ’s subsidiaries in Hai Phong totaled 12.4 billion USD, accounting for over 40% of Hai Phong’s export turnover. RoK firms have created jobs for nearly 40,000 labourers in the city.

The RoK remains the largest foreign investor of Vietnam with a total registered capital of nearly 82 billion USD. RoK investors are operating in 19 economic sectors in 59 provinces and centrally-run cities across the country.

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