HCMC – LG Innotek, a producer of core components for mobile devices, automotive displays, and semiconductors, has received approval to invest an additional US$1 billion in its project in Haiphong City.
The Haiphong City People’s Committee on June 26 presented LG Innotek with a certificate for adjusting the registered capital of the company’s manufacturing facility project, bringing its total investment in the northern port city to over US$2 billion.
Earlier, the city’s delegation met with leaders of LG Corporation and LG Innotek on June 13, resulting in a memorandum of understanding being signed between LG Innotek and the Haiphong City People’s Committee. The agreement outlines their commitment to expanding investment and ramping up production at the factory at Trang Due Industrial Park.
With the increased investment in LG Innotek’s project, Haiphong’s total foreign direct investment (FDI) approvals for the first half of the year have reached nearly US$1.9 billion, accounting for 95% of the full-year target.
Le Tien Chau, secretary of the Haiphong City Party Committee, said that the city will provide support to investors and ensure an investment environment that benefits all parties involved.
Haiphong is determined to improve the business investment environment by focusing on infrastructure development, interconnected transportation projects, and attracting high-quality labor resources.
The LG Innotek factory in Haiphong is operated by LG Innotek Vietnam Haiphong Co Ltd. It began operations in 2020 after receiving an investment certificate in 2016. The facility specializes in manufacturing electronic components for the automotive, mobile, and phone camera module industries.