Hanoi (VNA) - The Repub🏅lic of Korea (RoK)’s LG Innotech Co. Ltd under the LG Group will invest 550 million USD into a project in the😼 northern city of Hai Phong.
The RoK firm will build a 10-hectare factory producing module cameras at the Trang Due Industrial Zone, according to the Hai Phong Industrial Zone Management Board.
The project is the third invested by LG in the city, bringing the group’s total investment in Hai Phong to about 3.35 billion USD.
The first one is a 1.5 billion USD facility producing electronic home appliances, which was put into operation in March 2015, and the second one, also worth 1.5 billion USD, was licensed in early April this year to make OLED displays. Both of them are in Trang Due IZ.
Hai Phong is one of the country's top performers in foreign direct investment attraction alongside with Hanoi, and southern Binh Duong and Dong Nai provinces, and Ho Chi Minh City.
As of August, the city attracted more than 11 billion USD in foreign direct investment in 2016.-VNA
Hai Phong needs to have a clear investment mechanism and select projects with practical benefits for both investors and the locality, suggested President Truong Tan Sang.
The Republic of Korea (RoK)’s LG Displays Co. Ltd will invest 1.5 billion USD into its new project at the Trang Due Industrial Zone in the northern city of Hai Phong.
The northern port city of Hai Phong absorbed 1.8 billion USD in foreign direct investment (FDI) in the first half this year, 3.5 times higher than the same period last year.
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Illustrative photo (Source:Internet)
