LG promises $4B investment in Vietnam
By Mei Ling Tan
1 min read
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.