Revenues of LG Electronics’ Vietnam factories up 24% to $6 bln in Jan-Sept
LG Electronics’ factories in Vietnam, LG Innotek Vietnam Hai Phong and LG Electronics Vietnam Hai Phong, recorded a total revenue of KRW8,532 billion ($6.02 billion) in the first nine months of 2024, up 24% year-on-year.
According to the South Korean chaebol’s financial statement for the period, LG Innotek Vietnam Hai Phong (LGITVH) made a revenue of KRW4,268.6 billion ($3.01 billion) and profit of KRW198.8 billion ($140 million), up 40% and tripling year-on-year, respectively.
LG Innotek factory in Hai Phong city, northern Vietnam. Photo courtesy of Doi Song & Phap Luat (Life & Law) newspaper.
LG Electronics Vietnam Hai Phong (LGEVH) recorded a profit of KRW155.5 billion ($109.8 million) on a revenue of KRW4,263.4 billion ($3 billion), up 32% and 11% year-on-year, respectively.
The two plants’ revenues were the third- and fourth-highest figures among all major subsidiaries of LG Electronics around the world, only smaller than South Korea-based LG Innotek and the United States-based LG Electronics U.S.A.
As of April 2024, LG’s investment in Vietnam, mostly in the northern coastal city of Hai Phong, had 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.
According to a recent environmental impact report, LG Innotek is in the process of investing an additional $823 million in Hai Phong to increase its camera module production. With the additional funding, LG Innotek's total investment in Hai Phong city will rise to $1.87 billion, of which $1.36 billion will be covered by loans.
The latest expansion will increase the annual capacity to 390 million camera modules, and feature new production of 71.5 million transmission items for camera modules and 134 million 3D sensor modules.
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