LG promises $4B investment in Vietnam
In this article (4)
South Korean electronics giant LG will invest US$4 billion in Vietnam as it seeks to make the country a future smartphone manufacturing hub.
Its chief operating officer Kwon Bong-seok made this commitment at a meeting with visiting Vietnamese President Nguyen Xuan Phuc Monday.
LG has invested $5.3 billion in Vietnam since 1995 in sectors such as electronics, household equipment and auto parts, and employs 27,000 workers, Kwon added.
Phuc said he valued LG’s investment in Vietnam, recalling he had attended the groundbreaking ceremony at its $2-billion factory in Hai Phong Province in 2016.
He invited further investment, especially in auto and smartphone parts, adding further training is also needed in information technology.
Questions & Answers
Q.What is the primary goal of LG's new $4 billion investment in Vietnam?
What is the primary goal of LG's new $4 billion investment in Vietnam?
LG aims to make Vietnam a future smartphone manufacturing hub, building on its existing operations in the country. This new investment demonstrates its commitment to this strategic goal.
Q.How much has LG invested in Vietnam prior to this new announcement?
How much has LG invested in Vietnam prior to this new announcement?
LG has invested a total of $5.3 billion in Vietnam since 1995. This includes sectors like electronics, household equipment, and auto parts, and it employs 27,000 workers.
Q.What areas did the Vietnamese President suggest for further investment?
What areas did the Vietnamese President suggest for further investment?
President Phuc invited further investment, specifically highlighting auto and smartphone parts. He also mentioned the need for additional training in information technology.
Reader pulse
LG's $4B Vietnam investment:
17,509 votes so far