LGE invests 1.5 bil. USD to manufacture and assemble hi-tech E&E products in Trang Due IZ

On September 10^th morning, at the City Convention Center, Haiphong People’s Committee held a presentation ceremony to award investment certificate to LG Electronics Vietnam – Haiphong Co., Ltd, a subsidiary of LG Electronics Inc. (LGE), for developing a factory to manufacture high technology digital electronic products with total investment capital of 1.5 billion USD.

Attending the ceremony were Mr. Nguyen Van Thanh – Member of the Party’s Central Committee, Secretary of Haiphong’s Party Committee cum Chairman of Haiphong People’s Council; Mr. Duong AnhDien – Vice Secretary of Haiphong’s Party Committee cum Chairman of Haiphong People’s Committee; Mr. Dan DucHiep – Standing Vice Chairman of Haiphong People’s Committee; Mr. Nguyen DinhBich – Vice Chairman of Haiphong People’s Council; Mr. Jong Sik Kim – Chairman of Management Boards cum CEO of LGE; and representatives of ministries and Haiphong’s departments.

The project covering 40.26 ha in Trang Due Industrial Zone, An Duong District, under Dinh Vu – Cat Hai Economic Zone will be developed in 2 phases, including: phase 1 with the investment capital of 510 million USD to be implemented in 4 years (from September 2013 to September 2017); and phase 2 with the investment capital of 990 million USD to be implemented in 6 years (from October 2017 to September 2023). This project has brought Haiphong to the 3^rd rank nationwide in FDI capital attraction, after ThanhHoa and Thai Nguyen provinces.

In a speech at the ceremony, Mr. Jong Sik Kim emphasized that the project licensed right on the occasion of Korean President Park GuenHye’s official visit to Vietnam contains itself significant meanings and contributes to the promotion of Vietnam – Korea cooperation relationship. He also affirmed that LGE will speed up the construction progress in order to contribute to Haiphong’s development corresponding to international stature.

Mr. Duong AnhDien asserted that the project has been supported and facilitated by leaders of Party, Government, Ministries and Haiphong authorities. Because the project is invested in a large scale with advanced technology, environmental friendly and produce high quality and competitive products, Haiphong City will give strong support, cooperate closely with the investor and create the most favorable conditions for the project to complete construction and put in operation soon.

The project targets to manufacture and assemble high technology electrical and electronic products with the capacity of 16,812,000 products per year; manufacture and assemble colour TVs and smart TVs with the capacity of 534,000 products per year; and produce vacuum cleaners with the capacity of 5,376,000 products per year, etc.

As scheduled, the project will start construction in March 2014 and put the first factory in operation in September 2015. When operational, the project will create jobs for more than 20,000 workers.