LG Innotek adds $1 billion investment in Hai Phong factory

Hai Phong City People's Committee held a ceremony to award the Investment Registration Certificate to adjust the capital increase for the project of LG Innotek Company in the period of 2023 - 2025 by $1 billion, bringing the total investment capital of the project to more than $2 billion.

In phase 1, LG Innotek invested in building a factory worth $1.05 billion in Hai Phong in 2016. Up to now, LG Innotek continues to adjust capital increase by $1 billion, implemented in the period of 2023-2025.

Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Authority, said that during a meeting with LG Group in Korea of ​​the Hai Phong City Investment Promotion Delegation on On June 13, 2023, LG Innotek Korea signed a memorandum of understanding with the People's Committee of Hai Phong City on continuing to expand investment and production scale at V3 factory in Trang Due Industrial Park.

After only 6 working days, the Standing Committee of the City Party Committee issued Notice No. 1545-TB/TU on June 20, agreeing to the policy and on June 21, granting the Investment Registration Certificate to adjust the capital increase.

This capital increase of LG Innotek Vietnam Hai Phong contributes to the total increase FDI of the City in the first 6 months of 2023 reaching nearly $1.9 billion (95% of the year plan). Currently, LG Innotek factory has about 3,500 labor and has a capacity of 390 million camera module products per year. All of these products are intended for export.

In 2022, the project's revenue will reach VND 78,200 billion, the export will reach VND 78,200 billion, imports reached VND 64,700 billion; profit reached VND2,500 billion, contributing about VND163 billion to the state budget.

The cumulative export turnover of LG Group in Vietnam is 50.6 billion USD. The growth rate is 72%/year, an average annual increase of 1.71 billion USD. LG's export proportion always accounts for about 43% of Hai Phong's export turnover.

Up to now, LG has contributed $530 million to Hai Phong city's budget. In addition, the number of employees currently working at LG Group companies is nearly 31,000. In which, 30,338 Vietnamese workers and 406 foreign workers, an average income of VND13.1 million /person/month.