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| LG Innotek Vietnam Hai Phong factory in the Trang Due Industrial Park (Photo: NDO) |
With this additional investment capital, LG Innotek Vietnam Hai Phong Company has a total investment of USD2.051 billion, contributing to bringing the total investment capital of enterprises in LG Group (the Republic of Korea) in Hai Phong to USD7.2 billion.
According to Head of Hai Phong Economic Zone Management Board Le Trung Kien, this was also the result of the direct investment promotion program of the delegation of Hai Phong city in the RoK in the middle of June.
Accordingly, on June 13, LG Innotek of the RoK signed a memorandum of understanding with the People's Committee of Hai Phong city on continuing to expand investment and production scale in Hai Phong with the new construction. V3 factory in the Trang Due Industrial Park.
After only 6 days, the Standing Committee of Hai Phong City Party Committee had a written approval of the investment policy and only 1 day later, the Investment Registration Certificate to adjust the capital increase was issued.
Le Tien Chau, Secretary of the Hai Phong City Party Committee, said that LG Group's projects not only make positive contributions to the socio-economic development of Hai Phong city, but also contribute to tightening the cooperation and friendship between the two countries in general and with Hai Phong city in particular.
He also pledged to regularly support, create favorable conditions and accompany businesses in investment and development. “The city is always open to welcome investors and considers the success of the business the success of the city,” he added.
Currently, the RoK has invested nearly USD82 billion in Vietnam, including 120 projects worth nearly USD11 billion in Hai Phong.
Enterprises under LG Group have generated accumulated export turnover in Hai Phong of USD50.6 billion USD. The growth rate is 72% per year, with an average annual increase of USD1.71 billion.
Up to now, LG has contributed USD530 million to Hai Phong's budget, and created jobs for nearly 31,000 workers with an average income of VND13.1 million each per month./.