LG Electronics establishes subsidiary in Vietnam

LG Electronics has just announced the establishment of a legal entity: LG Electronics R&D Vietnam focusing on research and development (R&D) in Vietnam. This is one of the actions to strengthen the business activities related to the rapidly growing electric vehicle sector of LG Electronics.

The opening ceremony of LG Electronics R&D Vietnam was held on March 8 in Hanoi, with the participation of Mr. Nguyen Le Hung - Deputy Director of the Department of High Technology - Ministry of Science and Technology , Ms. Oh Young-ju - Ambassador Extraordinary and Plenipotentiary of the Korean Embassy in Vietnam and Mr. Lee Sang-yong, Senior Vice President of LG Electronics - Director of R&D Laboratory at LG Electronics Vehicle component Solutions (VS).

LG Electronics R&D Vietnam is tasked with developing and verifying software for in-vehicle infotainment (IVI) systems, which is also a core area of ​​focus for the company's business. In addition, IVI systems are also a key technology for future mobility, including audio, video , navigation (AVN) functions in cars, while providing a variety of entertainment and driving-related information functions.

According to market research firm Strategy Analytics, LG is leading the global market for IVI systems with a 23% market share as of Q3 2022. The company has now recorded double-digit market share in the IVI market for two consecutive years.

LG Electronics R&D Vietnam is part of LG's strategy to strengthen its position in the global auto parts market and lead the era of self-driving cars.

Building on the balanced growth of its three core businesses – IVI systems, lighting and headlamps through the ZKW Group, and electronic powertrains developed through the joint venture between LG and Magna, the company now possesses the technological capabilities, scale and experience to continue accelerating the advancement of next-generation mobility solutions.

“ We will continue to provide mobility solutions that deliver differentiated value to our global automotive customers,” said Lee Sang-yong, senior vice president of LG Electronics. “By taking our infrastructure to the next level, LG will continue to enhance our capabilities and develop mobility solutions that are more perfect .”

LG Electronics R&D Vietnam is currently headquartered in Hanoi , with branches in Da Nang and Hai Phong, and is expected to reach 1,000 employees by 2024.

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Source: https://vtc.vn/lg-electronics-thanh-lap-cong-ty-con-tai-viet-nam-ar747854.html