|LG Display Vietnam Hai Phong raises its investment in Vietnam(Photo: VOV)
Last month South Korea’s LG Corporation invested an additional 1.4 billion USD into its subsidiary LG Display Vietnam, bringing its total investment in the project to 4.65 billion USD. This makes the LG Display the largest FDI project in Hai Phong.
Earlier this year, LG increased its investment by 750 million USD to manufacture OLED TV screens, plastic OLED screens for devices, and LCD screens.
Over the past 8 months, many new FDI projects in Hai Phong have been registered or expanded. The Tongwei Electronics Company in An Duong Industrial Park invested additional 31 million USD. The Ohsung Vina Company in Trang Due Industrial Park increased its capital by 19 million USD. The Shanghai Moons Electronics Company in VSIP Industrial Park was expanded with additional 18 million USD. Projects in Hai Phong have focused on modern technology and environmentally friendly technologies.
Park Jae Hong, Deputy Director General of LG Display Vietnam, says Hai Phong has controlled the epidemic with particular attention to epidemic prevention in industrial parks, which has reassured investors.
“We speak highly of Hai Phong’s COVID-19 prevention and control, which has made businesses like LG Display feel secure in continuing to operate. Leaders of the LG Group, and LG Display in particular, are glad that our workers have been vaccinated. Having herd-immunity with healthy workers, we have maintained production. This is great,” said Park Jae Hong.
|Hai Phong has prioritized vaccination for workers industrial parks. (Photo: VOV)
Regular dialogues have been held between municipal authorities and businesses to promptly address problems.
Bui Ngoc Hai, Deputy Head of Hai Phong Economic Zone Management Authority, said administrative reform and IT application have been stepped up to encourage investment.
He said, “To achieve next year's goal of attracting another 3 billion USD, we must start preparing the necessary conditions right now. We’ll focus on building new industrial parks, setting up a land reserve, and solving housing problems for workers.”
“In the meantime, we focus on land clearance in industrial parks which have been licensed including Deep C3 Industrial Park, VSIP Industrial Park, An Duong Industrial Park, and the expansion area of Trang Due Industrial Park,” according to Hai.
At a recent working session with the Hai Phong Economic Zone Management Authority, Tran Luu Quang, Secretary of the municipal Party Committee, underlined the need to fully tap the local advantages of favorable location and air, sea, and land transportation and boost IT application and administrative reform.
Quang noted, “Investors pay attention to available labor, especially high-quality labor, and the local government’s behavior. We need investors for our development, so we should do our best to serve them. And we need to build more housing to attract workers from other places.”
Hai Phong has 12 industrial parks with an average occupancy rate of 62.5% and plans to build 15 new industrial parks on 6,200 hectares by 2025. This is the premise for achieving its goal of attracting 5 billion USD per year of FDI for the next 5 years.