RoK firm invests US$1.5bln in Haiphong economic zone
The Republic of Korea's LG Electronics (LGE) has been licenced to invest US$1.5 billion in a new manufacturing complex in the northern port city of Haiphong.
The project will be developed on a 10ha site in Trang Due Industrial Zone, a complex comprising industry, a township, recreation facilities and service parks on a total area of 600ha.
The project will be divided into two stages, with the first to be developed in four years with US$510 million, and the second over five years with US$990 million.
The committee hopes the project will help the zone attract more investors, particularly LGE partners and satellite parties; and create about 20,000 jobs.
LGE will take advantage of new tax incentives available from the middle of August. They include corporate income tax of only 10% in the first 15 years of operation.