LG Innotek invests an additional $1 billion in Haiphong

LG Innotek, a producer of core components for mobile devices, automotive displays, and semiconductors, has announced plans to invest $1 billion in a new manufacturing facility in Haiphong, Vietnam. The new plant will specialize in advanced smartphone camera modules and other optical products, with the aim of providing a wide range of components for the main camera module on Apple’s iPhone.

The investment will be carried out between July 2021 and December 2025, and will increase the total capital of LG Innotek Vietnam Haiphong to over $2 billion. LG Innotek signed a memorandum of understanding with Haiphong’s representatives during an investment promotion trip in Korea on June 13. Cho Ji Tae, vice chairman of LG Innotek, expressed gratitude for Haiphong’s support in completing the investment expansion.

LG Innotek Haiphong Vietnam Co., Ltd, which specializes in electronic and peripheral products, began operating in October 2017. LG Innotek is an arm of LG Group in Vietnam, which has an accumulated export turnover of $50.6 billion with an average annual increase of 72%. The group has contributed $530 million to the city’s budget and has created over 31,000 jobs with an average monthly income of around VND13 million ($550).