HANOI, NOV 15 – South Korea’s LG Display will inject an additional US$1 billion into its factory in Vietnam, local authorities said today, bringing the firm’s total investment in the country to more than US$5.5 billion.
The announcement comes as Vietnam seeks to increase its attractiveness as an investment destination for international companies.
A ceremony to obtain a capital raising license for LG whose products include TVs, mobile displays and automotive was held in the northern port city of Hai Phong yesterday, a local official confirmed to AFP.
With the additional money, LG Display’s total investment in Vietnam is now worth US$5.65 billion. The industrial city of Hai Phong in Vietnam is home to more than 1,000 foreign investment projects worth more than US$32 billion.
South Korea is the city’s biggest investor with US$11 billion, followed by China and Japan, the city said in an online statement.
The display factory, one of LG’s biggest projects in Vietnam, opened in 2017.
In October, South Korean conglomerate Hyosung Group said it plans to double its investment in Vietnam to US$8 billion and create 10,000 jobs. Hyosung operates in various fields including chemicals, heavy industry and IT.
Vietnam has for years been known as a low-cost country for manufacturing clothes, shoes and furniture but it now wants to rapidly increase its global supply chain. – AFP
