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Tuesday, July 16, 2024

LG to invest additional US$1.4 billion in plant in Haiphong

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HCMC – LG Display, an arm of South Korean conglomerate LG, will invest an additional US$1.4 billion in its plant in Haiphong City this year.

The Haiphong Economic Zone Authority on August 31 granted the investment expansion registration certificate to LG Display Vietnam Haiphong Company, according to the city’s news portal.

The additional capital will take LG Display’s total investment in the project to US$4.65 billion, making it the largest foreign investor in Haiphong.

This is LG Display’s second additional investment in the project this year, following the US$750 million poured into the project in February.

The LG Display project in Haiphong was granted an investment certificate in April 2016 with registered capital of US$1.5 billion. It specializes in producing plastic OLED screens for mobile devices, OLED TV screens and LCD screens.

With the new investment, LG Display will increase the production capacity of plastic OLED screens from 9.6-10.1 million to 13-14 million per month, raising its export revenue by some US$6.5 billion and its contribution to the city’s budget by US$25 million a year and creating an extra 10,000 jobs.

In 2020, the plant exported products worth more than US$9 billion, created jobs for 14,000 laborers and contributed US$19.4 million to the local budget.

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