Vietnam expects LG investment in building research and development centre

The Deputy PM made the statement on March 31 during a reception for Kim Myoung Kyu, vice president of the Republic of Korea (RoK)’s LG Display Co, Ltd .

At the function, Deputy PM Quang spoke highly of the group’s investment and business efficiency, factors which have contributed to Vietnamese socio-economic development and deepening the Vietnam-RoK Comprehensive Strategic Partnership.

Deputy PM Quang unveiled that the Prime Minister has recently approved the adjustment of the Hai Phong City Master Plan to 2040, with a vision towards 2050.

Most notably, one of the goals is to supplement the land fund for industrial development, thereby creating optimal conditions in which investors, including LG Group, can expand investment in the northern city.

Kyu extended thanks to the Vietnamese Government for their support, as well as Hai Phong’s assistance in the process of implementing investment projects and maintaining production activities in the country, especially during the COVID-19 pandemic.

According to details given by the Management Board of Hai Phong Economic Zone, LG Group has had a total of seven investment projects in the city with total investment capital reaching more than US$7 billion, of which the largest companies are LG Electronics, LG Display, and LG Innotek.

Furthermore, more than 50 Korean enterprises are satellite companies with a total investment of nearly US$1 billion.

Last year saw LG's enterprises rake in US$12.4 billion from exports, accounting for more than 40% of Hai Phong's total export turnover. They also created jobs for nearly 40,000 workers both inside and outside the city.

The RoK remains the nation’s largest FDI partner with a total registered capital of nearly US$82 billion.  In addition, the RoK side has invested in 19 out of 21 economic sectors in 59 out of 63 Vietnamese provinces and cities.