Revenues of LG’s 3 factories in Vietnam up 10% in 2024 to $10.3 bln
LG’s key plants in Vietnam, namely LG Innotek Vietnam Hai Phong, LG Electronics Vietnam Hai Phong, and LG Display Vietnam Hai Phong, recorded a total revenue of KRW14,987 billion ($10.3 billion) in 2024, up 9.63% year-on-year.
LG Innotek factory in Hai Phong city, northern Vietnam. Photo courtesy of Markettimes magazine.
According to the South Korean chaebol’s 2024 performance review, LG Electronics Vietnam Hai Phong, under LG Electronics, recorded a revenue of KRW5,635.7 billion ($3.88 billion), up 9.79% year-on-year. Its post-tax profit grew 15.68% to KRW173.9 billion ($119.8 million).
LG Innotek Vietnam Hai Phong, also under LG Electronics, posted a revenue of KRW5,419.5 billion ($3.73 billion), down 6% year-on-year, while its post-tax profit went down 17.8% to KRW188 billion.
The revenues of LG Electronics Vietnam Hai Phong and LG Innotek Vietnam Hai Phong were the third- and fourth-highest among all subsidiaries of LG Electronics.
LG Display Vietnam Hai Phong, under LG Display, 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.
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.
In November 2024, LG Display received an investment registration certificate to invest $1 billion more in Hai Phong.
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