On July 3, in Seoul, during his official visit to South Korea, Prime Minister Pham Minh Chinh met with Mr. Jeong Cheol-dong, CEO of LG Display. Mr. Jeong Cheol-dong affirmed that Vietnam is LG’s global production hub.
To date, LG has invested over $5 billion in Vietnam and plans to invest an additional $3 billion in the next five years. The CEO sincerely thanked the Vietnamese government for their supportive and efficient assistance to LG. The group will discuss plans for further investment, including the LG Innotek factory in Hai Phong, which will double its capacity and form a closed-loop LG production complex upon completion.
LG’s registered capital investment in Vietnam stands at $8.02 billion, with an estimated revenue of $13.97 billion in 2023. All of LG’s projects are based in Hai Phong. The company also operates R&D centers in Hanoi and Da Nang, employing over 1,000 people.
LG (established in 1947) is a South Korean multinational industrial group, primarily engaged in the electronics business (smart home appliances, vehicle components, etc.), chemicals (chemical raw materials, biotechnology, cosmetics), and communications and services (mobile services, business platforms). With a global workforce of 270,000 people (2023), the group’s revenue in 2023 is estimated at $137 billion.
Prime Minister Pham Minh Chinh during the meeting with Mr. Jeong Cheol-dong, CEO of LG Display.
During the meeting, the Prime Minister welcomed and highly appreciated LG’s investment and business efficiency in Vietnam. He also hoped that the group would continue to expand its investments in its areas of strength, focusing on the digital economy, green economy, circular economy, and sharing economy.
At the meeting, the Prime Minister and the ministers also responded to LG’s specific concerns regarding the global minimum tax and power supply assurance. The government is currently working on a decree on the establishment, management, and utilization of the Investment Support Fund to ensure the stability, competitiveness, and attractiveness of Vietnam’s investment environment. Vietnam is committed to providing maximum support to ensure a stable power supply, high-quality human resources, and seamless infrastructure for LG’s projects.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
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Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
