On February 8, Vietnam has issued a license to South Korea’s LG Display, allowing it to increase its investment in the northern port city of Haiphong by US$750 million, bringing the total to US$3.25 billion, making it the largest foreign investment in the region project. 

LG Display's plant will start construction next month and will be put into operation in two months. It can add 5,000 jobs and contribute about $5 million in taxes to Vietnam each year. The project was first approved in April 2016, with an estimated investment of 2.5 billion U.S. dollars at the time to produce LG's OLED and LCD screens.

In 2020, LG Display achieved sales revenue of 5.98 billion US dollars, an increase of 624% year-on-year. As of the beginning of February this year, Haiphong has attracted US$823 million in foreign investment, a six-fold increase over the first two months of last year. It is expected that by the end of this month, this figure will reach US$910 million. 

Source: NetEase Technology Report, translated by Google Translate