On the morning June 26, 2023, People’s Committee of Hai Phong city organized the ceremony to grant Investment Registration Certificate to increase capiatal by 1 billion USD (period 2023-2025) for LG Innotek Vietnam Haiphong for Project invested in Trang Due IP, Haiphong.

Leaders of Haiphong city granted Investment Registration Certificate and congratulated to LG Innotek

Attending the ceremony, Mr. Le Tien Chau – Member of Party Central Committee, Secretary of Haiphong Party Committee; Mr. Nguyen Van Tung – Deputy Secretary of Hai phong Party Committee, Chairman of People’s Committee of Haiphong city; Mr. Le Trung Kien – Member of Standing Committee of Haiphong city, Head of Management Board of Hai phong Economic Zone; Mr. Le Tri Vu, Member of Standing Committee of Haiphong city, Head of Mass Mobilization Department of Haiphong city and representatives of leaders of Haiphong city’s departments, agencies. On the side of LG Innotek, there were Mr. Cho Ji Tae, Vice President of LG Innotek Group and the Board  of Director of LG Innotek Vietnam Haiphong Company Limited. On behalf of investor of Trang Due IP, there were Ms. Nguyen Thi Thu Huong – CEO of Kinh Bac City Develoment Holding Corporation and other leaders of KBC and SHP.

Leaders of Haiphong city and investors congratulated at the ceremony.

Speaking at the ceremony, Secretary of Haiphong Party Committee Mr. Le Tien Chau affirmed that this is an important event highlighting the development in Haiphong of LG Corporation in general, and LG Innotek Haiphong in particular. With the detail and drastic instructions in the period of 2021-2022, Haiphong is the leading locality in the country in attracting FDI in the industrial production field. Korea has been leading in terms of the number of project and the amount of investment capital; with 173 projects and total registered capital of 9.65 billion USD, accounted for 20.92% total projects invested in the city. The projects of LG with the total investment capital of 9.6 billion USD is typical. LG Corporation always accompanies the city in social security works.

According to Head of Hai Phong Economic Zone Authority (HEZA), Mr. Le Trung Kien, the expansion of LG Innotek has raised the city’s FDI capital in the first 6 months growing to nearly 1.9 billion USD, accounted for 95% plan of the year. This is the outstanding result for the city’s efforts in the investment promotion and foreign investment attraction activities. In addition, it shows LG Group’ confidence in investment environment of Haiphong city, which is an important milestone celebrating 10 year anniversary of LG’s presence in Haiphong.

Mr. Cho Ji Tae, Vice President of LG Innotek Group speaking at the ceremony

Leaders of LG Innotek Group sincerely send the thanks to Haiphong city’s leaders for the attention, support, facilitation, affirming that the awarding of investment registration certificate for Innotek will contribute to strengthen the cooperation between Haiphong and LG Group, including LG Innotek. At the same time, they want the city to pay attention to LG Innotek during the factory construction, especially providing sufficient electricity supply for production.

LG Innotek officially put into operation in Haiphong in 2017 with the primary product being module camera. Currently, LG Innotek has 2 factories at Trang Due IP, which are considered as largest capacity ones of LG’s 5 factories globally. With an additional investment of 1 billion USD, LG Innotek will build the third additional factory here, expected to exploit in July 2023, put into trial operation in the forth quarter of 2024 and officially run operation in first quarter of 2025. The project will create 3000 jobs, expected to contribute to the city budget approximately 100 billion dong.

Trang Due IP invested by Saigon-Haiphong Industrial Park Corporation (SHP) which is KBC’s subsidiary, has the scale of 1,088 ha with 3 phases. Phase 1 and phase 2 with the total area of 401 ha are 100% occupied with more than 100 projects and the total FDI investment capital reaching 9.6 billion USD. Of the total capital invested in Trang Due IP, there has been 8.2 billion USD from LG Group, accounted for 85% total investment capital in IP. In which, LG Display company has the total investment capital of 4.64 billion USD; LG Innotek has just adjusted capital to 2.051 billion USD, become one of the projects which have the biggest investment capital in Haiphong in general, Trang Due IP in particular.

Trang Due 3 IP (687 ha) belongs to Dinh Vu – Cat Hai Economic Zone

Since 2022, KBC started to apply for approval of Trang Due 3 IP, belonging to Dinh Vu – Cat Hai Economic zone, with the scale of 687 ha, focusing on attracting electronics field and high-tech industries, supporting industries and environmentally friendly industries. Trang Due 3 IP has convenient traffic location, synchronous infrastructure, tax incentives of economic zone, abundant labour resources, and the most important thing is comprehensive service of investor as well as the active support of Haiphong city’s departments and agencies. It will be promised as bright spot in attracting investment in the North in the near future.