Accepting the invitation from President of Republic of Korea Yoon Suk Yeol, President of the Socialist Republic of Vietnam Nguyen Xuan Phuc paid a state visit to the Republic of Korea from December 4th to December 6th, 2022. This visit to Korea by President Nguyen Xuan Phuc took place in the context that the two countries Vietnam and South Korea are celebrating the 30th anniversary of establishing the diplomatic relation (December 12th, 1992 - December 12th, 2022). KBC Chairman Dang Thanh Tam was honored to accompany the President and was invited by the President of Korea to the national banquet. With a strong belief in the bright future of the two countries' relation, President Nguyen Xuan Phuc and President Yoon Suk Yeol agreed to issue a Joint Statement on upgrading the relationship between Vietnam and South Korea to the level of “Strategic Cooperative Partnership”.

KBC Chairman Mr.Dang Thanh Tam was honored to accompany the President on his visit to Korea and was invited by the Korean President to attend the national banquet

The President of the Republic of Korea held a national banquet for President Nguyen Xuan Phuc. During the event, Chairman of LG reported to President Nguyen Xuan Phuc and President of Korea, and discussed with KBC Chairman on investing an additional 5 billion USD from LG in Vietnam. KBC Chairman also shared that KBC had compensated and prepared more than 300 hectares in Trang Due Industrial Park, Hai Phong province for LG and new satellites for investment extension.

KBC Chairman and LG Chairman Koo Kwang Mo. Currently, LG Group has invested over 7.2 billion USD in KBC's Trang Due Industrial Park, accounting for 38.2% of total FDI capital in industrial parks and economic zones, 37.13% of total FDI capital in Hai Phong city, and nearly 85% of the total capital attracted to Trang Due Industrial Park.

KBC Chairman Dang Thanh Tam and Lotte Chairman Shin Dong – Bin

Within the framework of the State-level visit to the Republic of Korea, in the morning of December 5th, in Seoul, President Nguyen Xuan Phuc met leaders of CJ, Lotte, LG, Daewoo E&C, and Hyundai Motor, GS E&C, Doosan, etc.

Greeting Vice President cum CEO of LG Group - Mr. Kwon Bong-seok, President Nguyen Xuan Phuc desired that LG would continue to promote investment in Vietnam, especially in their outstanding areas such as automotive equipment and mobile phone equipment and to promote connection in information technology training and software centers. The President demands LG to set up LG's main and largest production center in Vietnam, which also coordinate with the political relations of the two countries.

LG Vice Chairman said that LG has invested in Vietnam for a long time since 1995 and up to now they have invested 5.3 billion USD in Vietnam in many fields including cameras manufacture, electronics, home appliances, and car equipment. LG has 27,000 employees and Vietnamese workers working directly in LG factories in Vietnam and member companies have up to 70,000 Vietnamese employees. In the future, LG will invest another 5 billion USD in Vietnam. The Group wished to continue to cooperate and invest in Vietnam in many fields and turn Vietnam into a center of camera production for phones in the future.

In Vietnam, Hai Phong province can be considered as “the capital” of LG. According to Hai Phong Portal, in Hai Phong province, LG Group has invested 7 projects in KBC's Trang Due Industrial Park with the goal of manufacturing high-tech products including audio-visual equipment, mobile devices, home appliances and refrigeration. The total investment capital in projects of the LG Complex reached 7.24 billion USD, accounting for 38.2% of the total FDI investment in industrial parks and economic zones and 37.13% of the total FDI capital of the whole city. In addition, the project implementation in Hai Phong city of LG Group has formed a network of satellite projects, ancillary production with more than 50 enterprises investing in Trang Due Industrial Park with a total investment capital of nearly 1 billion USD. The total number of employees working at projects under the LG Complex is 24,371 people, including 23,405 Vietnamese workers and nearly 966 foreign workers, with an average income of 11 million VND/person/month.

Chairman of KBC affirmed to the President, the President of Korea and the Chairman of LG that: KBC has compensated and prepared more than 300 hectares in Trang Due Industrial Park, Hai Phong province for LG and newly extended-investment satellites.

Currently, Trang Due Industrial Park has a total area of 1,088 hectares, of which, Phase 1 and 2 are 401 hectares and Trang Due 3 Industrial Park is 687 hectares. Trang Due Industrial Park phase 1 and 2 were 100% occupied with 88 projects, of which 85% are foreign investment projects. Total investment capital in Trang Due Industrial Park phases 1 and 2 is 8.5 billion USD, the average investment amount is 32 million USD/ha, 4 times higher than the average investment amount of Hai Phong city. In 2022, KBC continues to implement the project of Trang Due 3 Industrial Park with a scale of 687 hectares. The project is recently in the process of implementing legal procedures to be able to provide premises for the investors in early 2023. KBC has compensated and prepared more than 300 hectares in Trang Due Industrial Park, Hai Phong province to attract FDI investors, in which, Korean investment is the prime focus. Trang Due 3 Industrial Park continues to promote projects in the fields of electronics, electronic components, precision mechanics, especially large projects such as LG and LG's satellites. Of the total 8.5 billion USD invested in Trang Due Industrial Park, up to 7.24 billion USD is investment capital from LG Group's projects, accounting for nearly 85% of the total capital attracted to the Industrial Park, in which LGD Display alone investing 4.64 billion USD in capital, accounting for nearly 55% of the total investment capital in the industrial parks.