LG Innotek invests VND6.8 trillion Hai Phong plant expansion
Sunday, 24/11/2024 10:27 (GMT+7)
LG Innotek has announced that it will invest KRW375.9 billion, equal to VND6.8 trillion, to expand its production subsidiary in the northern province of Hai Phong.
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| LG Innotek will invest VND6.8 trillion to expand its production subsidiary in the northern province of Hai Phong. (Photo: VOV) |
According to Business Korea, the investment period has been set from November 23 to December 31, 2025.
This move is part of a LG’s plan which was announced last year, with LG Innotek committed to investing KRW1.3 trillion in expanding its production capabilities in the Vietnamese market.
It also aims to meet the demand of optical solutions whilst enhancing the company's overall competitiveness.
The Korean outlet revealed that the expansion is expected to more than double the camera module production capacity of the plant. This increase in capacity will therefore serve to meet customers’ demand stably whilst boosting both domestic and international supply chains.
Headquartered in Seoul in the the Republic of Korea, LG Innotek is one of the top electronic components manufacturers in the world for optic solutions for smartphones, substrates for semiconductors, and automotive components.
With a total of 183 projects worth US$11.5 billion, the Republic of Korea (RoK) ranks first among 39 countries and territories investing in the northern city./.
CPV (Source: VOV)