Prime Minister Nguyen Xuan Phuc attended the breaking ground ceremony for the LG Display Vietnam Hai Phong project on May 6 in northern Hai Phong city.
The project will receive $1.5 billion in investment from South Korea’s LG Display Group and will cover an area of more than 40 ha at the Trang Due Industrial Park in the Dinh Vu Economic Zone in Cat Hai district.
It will manufacture and process certain types of high-tech screens (called OLED) for mobile phones, smart watches, tablets, and TVs, with exports to account for 80 to 90 per cent. After reaching its designed capacity, total revenue is estimated to come in at about $4 billion per year.
The project is the second-largest of the LG Group at the Trang Due Industrial Park, following LG Electronics, which received investment of $1.5 billion in 2013, and the second in the field in Vietnam, joining the Samsung Display project in northern Bac Ninh and Thai Nguyen provinces.
LG recognized the advantages of Hai Phong’s investment and business environment and its competitive preferential policies and low corporate income taxes for investors at its economic zones. Moreover, the Trang Due Industrial Park is located near seaports and an international airport, which helps save on transport costs and provides convenience in recruitment and training human resources.
Prime Minister Phuc told the ceremony that this is an important project for Hai Phong in particular and for Vietnam in general. All central ministries and sectors must coordinate with the city and the investor to ensure the project’s progress.