LG Electronics to expand R&D operations in Vietnam to in-vehicle infotainment
LG Electronics is strengthening its research and development (R&D) capabilities in Vietnam and will expand its local research program into vehicle components, webOS platform, and home appliances.
In a Tuesday statement, the South Korean chaebol said its Vietnamese R&D subsidiary, namely LG Electronics Development Vietnam (LGEDV), now primarily focuses on software development and verification for LG’s In-Vehicle Infotainment (IVI) systems.
LG Electronics factory in Hai Phong city, northern Vietnam. Photo courtesy of Kinh Te & Do Thi (Economics & Urban) newspaper.
The IVI business, which covers telematics, audio video navigation (AVN) and clusters, accounts for more than 50% of all revenue generated by LG’s vehicle component solutions business. It plays a central role in LG’s strong performance in the business-to-business (B2B) mobility solutions sector, LG highlighted.
In addition to IVI systems, LGEDV has been participating in the development of the webOS platform since 2022, and has expanded its scope to include home appliances this year. Besides, this year, LGEDV has integrated core products of living, kitchen and air solutions, into its software development and verification portfolio.
LG also emphasized its human resource development in Vietnam, as its LGEDV’s research staff increased from 200 in 2019 to 1,100 at the moment, with plans to improve the figure to 1,200 by end-2024.
As of April 2024, LG’s investment in Vietnam, mostly the northern coastal city of Hai Phong, reached $8.24 billion. Starting with $1.5 billion in 2013, the investment includes $7.24 billion conducted by LG itself, featuring LG Electronics, LG Display, LG Innotek, LG CNS, LG Chemical, and LG International, and $1 billion conducted by 50 affiliates of LG.
Two Vietnamese subsidiaries of South Korea’s LG Electronics posted a combined revenue of KRW10,897.1 billion ($7.95 billion) in 2023, up 23.4% year-on-year, according to the South Korean chaebol’s latest financial statements.
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