LG looks to form integrated manufacturing complex in northern Vietnam
South Korea’s conglomerate LG will form a closed-loop manufacturing complex in Vietnam’s northern port city of Hai Phong, as the chaebol sees Vietnam as a global hub, said an executive.
The complex will be fully realized following the completion of the LG Innotek plant, which is expected to enter commercial operations in 2025, Cheoldong Jeong, president & CEO at LG-run LG Display Co Ltd., told Vietnamese Prime Minister Pham Minh Chinh in Seoul on Wednesday.
Vietnam Prime Minister Pham Minh Chinh (right) receives LG Display's CEO Cheoldong Jeong in Seoul on July 3, 2024. Photo courtesy of the government’s news portal.
Last June, LG Innotek, the electronic components arm of LG, was licensed to invest an additional $1 billion in its Hai Phong establishment with an existing capacity of 390 million camera modules. The fresh investment, slated for July 2023-December 2025, is spent on building a new plant for manufacturing and export of camera modules.
In his talks with the Vietnamese PM, whose four-day South Korea visit concluded Wednesday, the LG executive affirmed that the group viewed Vietnam as a critical manufacturing hub and will continue investing in the country.
PM Chinh, in reply, urged LG to increase the localization rate in its Vietnam facilities and facilitate local firms’ engagement in its supply and production chains.
He proposed that LG develop more research and development (R&D) centers in Vietnam and position the country as a crucial base for manufacturing and development of its key products globally, in line with digital, green, circular, and sharing economy development.
In response to LG’s concerns over the global minimum tax and power supply, Chinh stated that Vietnam is drafting a decree to establish and utilize an investment support fund, aiming to enhance the competitiveness of the country’s investment environment.
Vietnam is committed to providing reliable electricity supply, a qualified workforce and efficient infrastructure for LG projects, he said.
LG has invested $8.02 billion in Vietnam, with $5 billion disbursed to date. All three of its plants – LG Display, LG Innotek and LG Electronics – are located in Hai Phong city. They generated combined revenues of $13.97 billion in 2023.
The South Korean giant also operates R&D centers in Hanoi and Danang, employing over 1,000 staff.
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