The proposal was discussed during a recent meeting between the Phu Tho Provincial People’s Committee and Lee Jin Woo, senior director of LG Energy Solution, to explore potential investment cooperation in the EV sector.

Lee introduced LGES as the RoK’s first lithium-ion battery producer, established in 1999. Today, the company holds a 21% global market share in EV batteries, supplying major automakers such as Ford, Chrysler, Audi, Renault, Volvo, and SAIC Motor. Beyond EVs, LGES also manufactures batteries for laptops, smartphones, and smartwatches.

The company expressed its interest in collaborating with Phu Tho to establish an EV battery factory and integrated charging and battery-swapping stations for electric two-wheelers, leveraging the RoK government’s ODA funding.

Both sides also discussed and proposed expanding the operations of businesses involved in the manufacturing and trading of electric vehicles and EV batteries in Phu Tho province. This initiative aims to help develop a local electric two-wheeled vehicle ecosystem whilst contributing to reducing greenhouse gas emissions.

Lee noted LGES’s growing interest in artificial intelligence (AI) development partnerships, and said the company is considering additional medium- and long-term investments in other manufacturing facilities in Phu Tho.

Tran Duy Dong, chairman of the Phu Tho Provincial People’s Committee, welcomed Lee’s plan and said he would direct local agencies to provide optimal support for LGES in implementing its proposed project.

Dong emphasised that Phu Tho prioritises industrial development, especially in high-tech, semiconductor, and green industries that are sustainable and environmentally friendly, aligning with global value chains.

In the near future, he said, the province aims to expand high-tech industrial zones to attract investment in emerging, high-value industries. It also focuses on supporting industrial innovation and reducing environmental pollution.

Phu Tho plans to maintain and expand its electricity generation capacity through existing power projects and develop hydropower and biomass energy projects in line with national energy planning—ensuring sufficient electricity supply for production and national energy security, he said.  

Under the province’s industrial planning, Phu Tho is expected to host 57 industrial zones by 2030, covering nearly 13,400 hectares, 16 of which are already operational.

As of 2024, the province has attracted 720 FDI projects with total registered capital of approximately US$12.5 billion, primarily from the RoK and Japan.

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