Total investment capital of LG factory in Hai Phong increased to 2 billion USD. Photo: VNA

According to the Hai Phong City Portal, on June 26, the City People’s Committee awarded the Investment Registration Certificate to adjust the capital increase for the LG Innotek Hai Phong factory project in the period of 2023 - 2025 with a capital of 1 billion USD, bringing the total investment capital of the project to more than 2 billion USD.

Previously, on June 13, the city’s delegation had a meeting and had a direct discussion with leaders of LG Group, LG Innotek Group. At the meeting, Korean investor LG Innotek signed a memorandum of understanding with the People’s Committee of Hai Phong City on continuing to expand investment and expand production scale at the factory in Trang Due Industrial Park.

After only three working days, the Management Board of Hai Phong Economic Zone consulted with the city’s policy and granted the Investment Registration Certificate to LG Innotek Vietnam Hai Phong Co., Ltd.

LG Innotek’s project to increase capital has brought the city’s total FDI capital in the first 6 months to approximately US$1.9 billion, accounting for 95% of the year plan.

Hai Phong City’s web portal quoted Le Tien Chau, Secretary of the City Party Committee, as saying that the city is committed, investors will have the support of the city’s leaders, ensuring a safe, secure and mutually beneficial investment environment.

In the coming time, Hai Phong city will continue to strongly improve the business investment environment; focus on developing infrastructure, especially transport infrastructure works with regional connectivity; synchronously implement solutions to improve the efficiency of attracting high-quality human resources, create favorable conditions to support employees as well as ensure labor resources for investors when implementing projects.