LG Display to invest $1 bln more in Vietnam, $5.65 bln in total

LG Display, under South Korea’s chaebol LG, will invest $1 billion more in Vietnam’s northern coastal city of Hai Phong, scaling up its investment in the locality to $5.65 billion.

The Hai Phong Economic Zone Authority (HEZA) granted an investment certificate to LG Display on Thursday in an event attended by Party General Secretary To Lam.

The project, one of LG’s biggest investments in Vietnam, has a monthly output of 14 million OLED displays.

LG Display started investing in Hai Phong in 2016 with an initial amount of $1.5 billion. Prior to the latest investment, the project employs 22,000 people, earns an export turnover of $5.8 billion yearly, and pays VND1 trillion ($39.39 million) to the state budget a year.

FDI pouring in

Besides the LG Display investment, the event also saw investment registration certificates granted for 11 other projects into the city, including new investments and investment expansions, totaling $800 million.

South Korea-invested Heesung Electronics Vietnam will invest an extra $125 million in Hai Phong, raising its total investment to $279 million. The project will manufacture and assemble liquid crystal module components, with a capacity of 10.5 million items per year, creating nearly 400 jobs and earning annual export revenue of $100 million.

Deep C2A Industrial Park, within Deep C Hai Phong Industrial Park, increased its investment by $169 million. The investment is expected to help attract $5 billion of projects into the facility.

Taiwan-invested Universal Scientific Industrial Vietnam will enlarge its investment by $75 million to $290 million for manufacturing of 260 million electronic items yearly. It can employ 1,000 people and earn export revenue of $500 million a year.

China-invested Moons’ Industries Vietnam will spend $69 million more, lifting the total amount to $87 million. The project can manufacture 990,000 motors yearly, employ 100 people, and earn $50 million from exporting goods.

China-invested Vietnam Advance Film Material will up its investment by $60 million to $158 million for production of 155,000 tons of photovoltaic films a year.

South Korea-invested Jeil Logistics I will invest an additional $23.7 million, or $44.7 million in total, to expand its logistics service in its 4.5-hectare facility in Hai Phong.

Regarding new investments, Switzerland’s Terminal Investment Limited (TiL) and MSC Mediterranean Shipping Company and Vietnam’s Port of Hai Phong JSC will invest $156 million in utilizing container wharves No.3 and No.4 of Lach Huyen port, with an annual capacity of 1.1 million TEUs.

Singapore-invested Sembcorp Integrated Hub Hai Phong IV will invest $56 million in Deep C Industrial Park, while China-invested Hoda Strategic Holdings Private Limited will invest $10 million to manufacture 10,000 tons of PVC pipes a year.

Two other investments, made by domestic firms, are $20 million by Smart Logistics Services Ltd. and $24.7 million by DAP-Vinachem JSC.

With the latest investments, Hai Phong has attracted $3.5 billion of foreign direct investment (FDI) this year, 40% above the year's target. The cumulative FDI figure went up to $32.2 billion.