Work on expansion of LG Innotek's Hai Phong factory on right track
A working delegation led by Head of the Hai Phong Economic Zone Authority (HEZA) Le Trung Kien on July 15 inspected the progress of the LG Innotek Hai Phong factory project - Phase III in the northern port city's Trang Due Industrial Park.
Park Young-chan, general director of Zeit C&A Vietnam Co., Ltd. and site director of the project - Phase III, said that about 1,500 workers are working continuously at the site, properly satisfying regulations on labour safety and fire prevention and control.
As of July 15, about 75% of the workload had been completed as scheduled, he said.
In June last year, LG Innotek Hai Phong and the municipal People’s Committee signed a Memorandum of Understanding on expanding investment and production at the factory.
On June 26, 2023, the committee presented a certificate to LG Innotek approving its capital adjustment for 2023-2025 by US$1 billion, raising its total investment to over US$2 billion.
Kien said the factory expansion will help Hai Phong become a destination of success for investors.
In the first half of this year, the city's Gross Regional Domestic Product (GRDP) rose by 10.32% compared to the same period last year, ranking 5th among 63 provinces and centrally-run cities nationwide, second in the Red River Delta and first among centrally-run cities.
So far this year, Hai Phong has attracted over US$1.55 billion, making up 77.58% of the yearly target.
With a total of 183 projects worth US$11.5 billion, the Republic of Korea (RoK) ranks first among 39 countries and territories investing in the city.
