LG DISPLAY’S PROJECT IN HAI PHONG

LG DISPLAY’S PROJECT IN HAI PHONG

After almost 30 years on the Vietnamese market, LG has had a lot of commercial investment promotion between the group and the Vietnamese market. The LG factory in Hai Phong, which has a total investment capital of up to 1.5 billion USD, marks the 20-year milestone of entering the Vietnamese market, which is an important and meaningful step for both the corporation and the country.

In particular, LG committed to investing another $1.4 billion in the LG Display project in Hai Phong in 2021, bringing the total investment capital to $4.65 billion and becoming the province’s largest FDI foreign investor. LG invested more than $700 million at the LG Display facility in February 2021. The LG Hai Phong facility is regarded as essential to LG’s development strategy, focusing on the global production of plastic OLED displays for mobile devices, OLED TV screens, and LCD screens. The factory, located in the Trang Due industrial park, received its first investment certificate in April 2016, with a capital of 1.5 billion USD.

With this new investment, LG Display will increase the production of plastic OLED screens from 9.6-10.1 million units to 13-14 million units per month. According to the plan, after the new production line is completed, LG Display’s export revenue will increase by about 6.5 billion USD/year, contributing almost 25 million USD to the state budget and creating more jobs for 10 000 workers.

In terms of vision, LG Display’s market investment has confirmed Vietnam’s essential role in the group’s worldwide production supply chain. At the same time, LG believes that the development of Vietnam will have a good impact on the overall development of the two sides, stating that Vietnam has always been a prominent investment destination and has profound significance for the group’s and other FDI firms’ full development.

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Foreign Investment Agency Vietnam