LG Display proposes extension of tax incentives in Vietnam

LG Display Vietnam Hai Phong, under LG Display - a subsidiary of South Korean chaebol LG, has called on the Vietnamese government to extend tax incentives for the company for its long-term investment.

Choi In Kwan, general director of the company, located in the northern city of Hai Phong, made the proposal at a meeting with Deputy Prime Minister Nguyen Chi Dung on Friday.

In response, Dung asked the Ministry of Science and Technology and the Ministry of Finance to guide the company in completing related procedures "in the spirit of readiness to support and creating the best conditions for the company".

Choi expressed the firm's desire to expand its cooperation with Vietnamese enterprises, enabling Vietnam to participate more intensively in the global value chain.

The company also wishes to receive the Vietnamese government's continued support for long-term investments, he added.

Dung highly valued the business performance of LG Group and the contribution of LG Display Vietnam to the country’s socio-economic development in recent years.

He said the Comprehensive Strategic Partnership between Vietnam and South Korea is growing rebustly across spheres, especially in trade and investment.

Amid the rapid and complex developments in the regional and global landscapes, Vietnam remains committed to maintaining political and socio-economic stability, building an independent and self-reliant economy while proactively pursuing extensive, substantive, and effective global integration, the Deputy PM noted.

Dung also affirmed the Vietnamese government’s commitment to further consolidating the institutional framework and facilitating the operation of both domestic and foreign investors.

Established in 2016, LG Display Vietnam Hai Phong mainly operates in production, assembly, and processing of high-end and smart display panels, with total registered investment capital of $1.5 billion. In 2024, the company had nearly 20,000 employees with a revenue of over VND50 trillion ($1.94 billion.)

Last year, LG Display Vietnam Hai Phong made a strong year-on-year growth of 41.79% in revenue, reaching KRW3,931.8 billion ($2.71 billion), while its post-tax profit increased 57.5% to KRW250.5 billion.

The figure was the second-highest among all subsidiaries of LG Display, only smaller than LG Display America.