HANOI (AFP) – South Korea’s LG Display will inject another USD1 billion into its factory in Vietnam, local authorities said yesterday, pushing the firm’s total investment in the country to more than USD5.5 billion.
The announcement comes as Vietnam looks to boost its appeal as an investment destination for international companies.
A ceremony for a licence to increase capital for LG – whose products include TV, mobile and automotive displays – was held in the northern port city of Hai Phong on Thursday, a local official confirmed to AFP.
With the extra money, LG Display’s total investment in Vietnam is now worth USD5.65 billion.
Vietnam’s Hai Phong industrial city is home to more than 1,000 foreign-invested projects worth more than USD32 billion.
South Korea is the biggest investor in the city with USD11 billion, followed by China and Japan, the city said in an online statement.
The display factory, one of LG’s largest projects in Vietnam, opened in 2017.
In October, South Korean conglomerate Hyosung Group said it plans to double its investment in Vietnam to USD8 billion, creating 10,000 jobs.
