South Korea’s LG Electronics Viet Nam was granted preferential customs treatment by the General Department of Customs on Monday.

Located in Trang Due Industrial Zone, Hai Phong City, LG Electronics Viet Nam is an affiliate of Korean conglomerate LG Group. The company has a total investment capital of US$1.5 billion, making it the largest foreign-invested firm in the northern port city so far. It focusses on manufacturing and assembling digital devices for automobiles, mobile phones, washing machines and air conditioners.

In his speech at the event, Ryu Nam Ki from LG Electronics Viet Nam vowed that his company would make greater efforts to maintain its certification.

Under the General Department of Customs’s programme on priority regime of customs, which began in 2011, an estimated 62 enterprises have received preferential treatment so far. The firms, including 11 from South Korea, now account for 27 per cent of the country’s annual export turnover. – VNS