LG Electronics inaugurated its new facilities in the northern port city of Hai Phong, Vietnam. This largest hi-tech complex in Southeast Asia has a total investment capital of $1.5 billion.
Bon-Joon Koo, Vice Chairman & CEO, LG Electronics Inc. affirmed that this important event marked the group’s strong development in Vietnam over the last 20 years. He emphasised that the group will do its utmost to ensure its cooperation and investment a success. He underscored the importance of the new facilities in the LG’s global production strategy.
The new facilities were built on an area of 800 hectares in Trang Due Industrial Park at a cost of US$1.5 billion. The project has 3 phases. In the first phase, the complex will manufacture and assemble telematics devices, refrigerators, TV sets, washing machines, and air conditioners. In the next five years, 70% of its products will be exported to 35 countries in the world.
Representatives from LG Electronics said the group will transfer more technology to the Vietnamese electronics industry, expecting to raise the localization rate to 50% in the first phase. After the complex is put into full operation, it will open up a good opportunity for the auxiliary manufacturers in Vietnam to cooperate and meet the group’s demand for auxiliary equipment.