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| Korean investors continue to pour capital into Hai Phong and Hai Duong through the signing of memorandums of understanding and increased investment capital in a number of fields. (Source: Investment Newspaper) |
Hai Phong is LG's main production base.
On June 26, Hai Phong City People's Committee granted the investment registration certificate to increase capital for LG Innotek Hai Phong Factory Project.
Accordingly, the project's capital was adjusted to increase by more than 1 billion USD, implemented from 2023 - 2025, raising the total investment capital to 2.051 billion USD. The project is implemented in Trang Due Industrial Park by LG Innotek Vietnam Hai Phong Co., Ltd. (under LG Group) as the investor, specializing in the production of electronic components for the automotive, mobile, and phone camera module industries...
Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Management Board, said that LG’s projects in Hai Phong all produce high-tech products to supply to the global market. The appearance of these projects has made a positive contribution to the socio -economic development of Hai Phong City; promoted the modernization of industry, applied high technology in production, and formed a production chain linking foreign and domestic enterprises.
Also on this occasion, Hai Phong City leaders granted registration certificates for newly granted projects and capital increase adjustments to Korean investors, with a total capital of more than 230 million USD.
They are Bumhan Vina Heavy Industries - Nam Dinh Vu Project, Haewon Vina Co., Ltd., Hala Electronics Vina Co., Ltd., EST Vina HaiPhong Co., Ltd.
Currently, Korean investors have poured nearly 82 billion USD into Vietnam, of which nearly 11 billion USD (14%) is invested in Hai Phong. Of which, LG Group has invested 7.24 billion USD in Hai Phong (LG Electronics, LG Display, LG Innotek, LG CNS, LG Chemical - 2 projects, LG International) and 50 other satellite enterprises.
“It can be said that LG Group is increasingly affirming its solid position in Hai Phong City and building Hai Phong into a key production base of LG worldwide,” affirmed Mr. Le Tien Chau, Secretary of Hai Phong City Party Committee.
Hai Duong signed cooperation with 2 Korean enterprises
During the visit to Vietnam of South Korean President Yoon Suk Yeol, Mr. Trieu The Hung, Chairman of Hai Duong Provincial People's Committee signed a memorandum of understanding between Hai Duong Provincial People's Committee and Korea Land Corporation (LH) on the Urban Growth Partnership Program.
Accordingly, the two sides agreed to build a long-term cooperative relationship in the field of urban development such as new smart urban areas, industrial parks and public infrastructure policies, and planning to turn Hai Duong province into a typical smart city in Vietnam.
At the Vietnam - Korea Business Forum, the People's Committee of Hai Duong province and Doosan Group also signed a memorandum of understanding on implementing the Investment Project to expand the manufacturing plant in Dai An Industrial Park with an additional capital of 120 million USD.
Accordingly, Doosan will expand its factory to produce flexible cable printed circuit boards and components of battery management systems for electric vehicles; exercise the rights to export, import, and wholesale related to the above products in accordance with current laws and regulations.
Of the 492 foreign direct investment (FDI) projects from 26 countries and territories, with a total registered capital of more than 9.2 billion USD in Hai Duong, there are 134 projects from Korea with a total investment capital of more than 1.4 billion USD, ranking first in the number of investment projects and third in total FDI capital in this locality.
Korean enterprises' projects are mainly in the fields of electricity, electronics, molds, logistics services, garments... Dai An Industrial Park has the largest number of Korean enterprises investing (accounting for 37%).
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