LG Group injects additional US$1 billion into Hai Phong factory
VOV.VN - The Hai Phong City People's Committee hosted a conference on June 26 to grant an investment registration certificate regarding raising the adjusted capital for LG Innotek's project, which will take place during the 2023 to 2025 period, by US$1 billion.
The latest injection of capital serves to increase the total investment capital of LG Innotek’s project to US$2 billion.
The first phase of LG Innotek’s Hai Phong factory had an investment capital of roughly US$1.05 billion in Trang Due Industrial Park in An Duong district.
In September 2016, the factory was officially put into operation with a capacity of producing 390 million camera module products for export, duly employing about 3,500 labourers.
Le Trung Kien, head of Hai Phong Economic Zone Management Board, revealed that the company had put in a further US$1 billion in order to build the factory on producing camera modules for export, a move which served to create 2,600 more jobs for workers.
The firm is expected to earn profits of US$400 million annually, whilst contributing about US$100 billion per year to the state budget.
LG Innotek's project has brought the city's total foreign direct investment (FDI) capital in the first half of the year to nearly US$1.9 billion, reaching 95% of the annual plan. The Hai Phong Economic Zone has attracted a total of nearly US$24 billion in FDI, accounting for 90% of FDI in the northern port city.
According to statistics compiled by the Ministry of Planning and Investment (MPI), the Republic of Korea has invested US$82 billion in the Vietnamese market, of which US$11 billion has been poured into Hai Phong city, with popular names, including LG, Heesung, Bluecom, Dongyang, and Haengsung.
