An overview of the conference to grant investment registration certificate to LG Innotek (Photo: tienphong.vn)

The latest injection of capital serves to increase the total investment capital of LG Innotek’s project to 2 billion USD.

The first phase of LG Innotek’s Hai Phong factory had an investment capital of roughly US$1.05 billion in Trang Due Industrial Park in An Duong district.

In September 2016, the factory was officially put into operation with a capacity of producing 390 million camera module products for export, duly employing about 3,500 workers.

Le Trung Kien, head of Hai Phong Economic Zone Management Board, revealed that the company had put in a further 1 billion USD in order to build the factory on producing camera modules for export, a move which served to create 2,600 more jobs for workers.

The firm is expected to earn profits of US$400 million annually, whilst contributing about US$100 billion per year to the state budget.

LG Innotek's project has brought the city's total foreign direct investment (FDI) capital in the first half of the year to nearly 1.9 billion USD, reaching 95% of the annual plan. The Hai Phong Economic Zone has attracted a total of nearly US$24 billion in FDI, accounting for 90% of FDI in the northern port city.

According to statistics compiled by the Ministry of Planning and Investment (MPI), the Republic of Korea has invested 82 billion USD in the Vietnamese market, of which US$11 billion has been poured into Hai Phong city, with popular names, including LG, Heesung, Bluecom, Dongyang, and Haengsung.