LG Display posts $115 mln net income in Vietnam in 2023

LG Display Vietnam Haiphong Company, under LG Display - a subsidiary of South Korean chaebol LG, posted a net income of KRW159.1 billion ($114.9 million) in Vietnam in 2023.

The figure was up 41.8% year-on-year, according to LG Display’s performance review for 2023.

Last year, LG Display Vietnam Haiphong recorded sales of KRW2,773 billion ($2 billion), up 3.8% year-on-year, according to a report by the global manufacturer and supplier of thin-film transistor liquid crystal display (TFT-LCD) panels.

With the performance, the Vietnam subsidiary of LG Display posted the second highest-figure in net income and third-highest in sales among all subsidiaries of LG Display.

In terms of sales, the top one was LG Display America with KRW11,952.8 billion ($8.64 billion). For net income, the leading one was LG Display High-Tech (China) with KRW374.8 billion.

Globally, LG Display recorded a revenue of KRW21,330.8 billion ($15.4 billion) in 2023, down 18.4% year-on-year. This was the second year in a row that LG Display’s revenue fell.

The firm made a net loss of KRW2,576.7 billion ($1.86 billion) in 2023, an improvement from a net loss of KRW3,195.6 billion in 2022. 2021 was the most recent year that LG Display recorded a net income of KRW1,334 billion.

Established in 2016, LG Display Vietnam Haiphong Co. Ltd. specializes in producing thin-film transistor liquid crystal display (TFT-LCD) and organic light-emitting diode (OLED) panels for flexible displays and devices.

LG Display's Hai Phong factory began construction in May 2016 and was inaugurated in December 2017. The plant's monthly capacity is eight million components for smartphones, smartwatches, tablets, and 100,000 for televisions.

In August 2021, LG Display Vietnam Haiphong received a license to increase its investment to $4.65 billion.