LG Electronics is building a 40ha-wide industrial complex in Hai Phong, Vietnam by investing US$1.5 billion.
The municipal government of Hai Phong gave the final approval for the investment project on September 6. The construction is scheduled to start in the Hai Phong Special Economic Zone, which has a total area of 400ha, before the end of this month so that the facilities can be run from September next month. The company is going to manufacture telematics devices, washing machines, refrigerators, and TV sets there. Also, a lot of companies affiliated with LG Electronics are expected to be housed in the complex.
LG Electronics is planning to divide its plan for the investment in the Hai Phong region into two phases. The first one is between this year and 2017, when the investment reaches US$500 million, and the second is slated to continue from 2018 to 2024 for approximately US$1 billion. The Vietnamese government, in the meantime, is going to provide tax incentives for LG Electronics.