Hai Phong grants investment approval to LG Display’s project

Monday, Feb 08, 2021 17:55

Chairman of the People’s Committee of northern Hai Phong City Nguyen Van Tung on Sunday gave a licence to LG Display Vietnam Hai Phong's project adding US$750 million in investment.— Photo nhandan.com.vn

Chairman of the People’s Committee of northern Hai Phong City Nguyen Van Tung on Sunday gave a licence to LG Display Vietnam Hai Phong's project adding US$750 million in investment.

The additional amount brought the investment capital of the entire project to $3.25 billion in total, making it the foreign-invested project with the highest value in the port city.

It is set to begin next month and become operational two months later, creating an additional 5,000 jobs and contributing about $5 million annually to the State's budget.

LG Display Vietnam Hai Phong's project was first approved in April 2016 with an investment of $2.5 billion, specialising in the production of LG Corporation’s OLED and LCD screens, among others.

In 2020, it posted $5.98 billion in sales revenues, a year-on-year surge of 624 per cent.

As of early February, the city had attracted $823 million in foreign investment, rising six-fold against the amount recorded in the first two months last year. — VNA/VNS

Comments (0)

Statistic