LG Display Viet Nam Hai Phong Ltd Co was recognised as an authorised economic operator (AEO) by the Hai Phong Customs Department on Thursday.

Located in the Trang Due Industrial Zone in the northern port city, the company has a total investment capital of US$2.09 billion, according to baohaiquan.vn.

The company specialises in producing organic light-emitting diode (OLED) screens for smartphones, smartwatches and tablets with an annual output capacity of 85 million of products.

It currently provides 8,500 jobs for local labourers, a figure that is expected reach 11,000 by the end of this year.

The South Korean enterprise has thus far gained an export turnover of more than $5 billion, the online newspaper cited a representative from the city’s customs department as saying.

In 2011, Viet Nam started allowing certain businesses to be prioritised during customs procedures. So far, 68 enterprises have been certified as AEOs, which allows them to submit fewer documents to customs offices and undergo fewer tests and inspections.

An exporting enterprise can earn the priority status if it has a yearly export value of at least $100 million.

Enterprises specialising in exporting farming products, aquaculture products, textiles or footwear with a yearly export value of at least $50 million are also eligible for the title.

A hi-tech enterprise recognised by the Ministry of Sciences and Technology can receive the status regardless of export value.

Last year, 66 recognised firms posted a combined export value $165 billion, accounting for 35 per cent of the country’s total export turnover. — VNS