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.
Hanoi (VNA) – 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 nort𝕴hern city of ♌Hai Phong.
Under the project, LG Display will build a production and outsourcing zone for organic light emitting diode (OLED).
A memorandum of understanding on the project was signed by Chairman of the Hai Phong municipal People’s Committee Le Van Thanh and Chief Production Officer and Executive Vice President of LG Display Jeong Cheol-dong on April 5.
The project is scheduled to commence in early May and is expected to become operational in mid-2017, providing employment for approximately 6,000 labourers.
Most of the OLED display products manufactured will be for the world market, though about 20 percent of the products were aimed to serve domestic consumption.
Hai Phong is currently attracting over 10 billion USD in foreign direct investment. This LG Display’s project is one of the two largest investment projects in the city, alongside Japan’s 1.5 billion Bridgestone tyre production project, which is currently in its first phase of operation.-VNA
The Republic of Korea's LG Electronics (LGE) has been granted a licence to invest 1.5 billion USD in a new manufacturing complex in the northern port city of Hai Phong.
The northern port city of Hai Phong attracted nearly 30 foreign direct investment (FDI) projects totaling almost 2 billion USD in registered capital in 2013, an increase of over 60 percent compared to 2012. Analysis published by the Vietnam Economic News on February 8.
Vietnam's electronic industry has attracted 10 billion USD in FDI capital from big names like Samsung, Foxconn, LG, Panasonic and Intel, according to the Foreign Investment Agency.
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.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Illustrative photo (Source:Internet)
