Work on expansion of LG Innotek's Hai Phong factory on right track

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.