According to the Hai Phong City’s E-Portal, on the morning of November 26, Mr. Le Ngoc Chau, Chairman of the City People’s Committee, visited and worked with LG Group companies operating in the Trang Due Industrial Park.
During the meeting, the Chairman of the Hai Phong People’s Committee briefed the companies on new special mechanisms and policies, particularly incentives in the Free Trade Zone and high-quality workforce training programs in Hai Phong.
Mr. Chau stated that the city is committed to partnering with businesses under the principle of “Harmonious Benefits, Shared Risks,” ensuring the most favorable conditions for LG to expand its production.
Additionally, the Chairman urged LG Display to promptly deploy the remaining investment capital from its $5 billion commitment and encouraged LG Group companies to further expand their investments, attracting suppliers within the production chain.
Chairman of the Hai Phong People’s Committee visits LG Group’s product display area (Photo: Hai Phong E-Portal)
The Chairman noted that Hai Phong has prepared land reserves in industrial parks, particularly Trang Due 3, to accommodate large-scale projects from LG and its satellite companies.
Furthermore, the city hopes LG Electronics will participate in smart city solutions and digital transformation initiatives. The Chairman also proposed that LG Group establish a Research and Development (R&D) Center in Hai Phong and urged LG Display to complete the dormitory project while supporting workers in purchasing social housing.
LG Group (South Korea) currently operates three subsidiaries (LG Display, LG Electronics, and LG Innotek) in Hai Phong. LG’s companies occupy 25% of the Trang Due Industrial Park’s area, employ 53% of its workforce, contribute 88% of the park’s revenue, and account for 65% of its cumulative investment.
In Hai Phong, LG’s companies provide jobs for nearly 27,000 workers, with an average monthly income of 16.7 million VND per person. LG’s total investment exceeds $10.65 billion, with 2024 exports reaching $17 billion, representing over 50% of the city’s total export turnover.
Hai Phong is one of Vietnam’s six centrally governed cities. Following its merger with Hai Duong Province, Hai Phong covers an area of approximately 3,195 km², making it the smallest centrally governed city in Vietnam.
As of October 20, the city has 1,761 active projects (including those from the former Hai Duong Province), with a total investment of $50.64 billion. Of these, 1,017 projects are in industrial parks and economic zones, totaling $42.8 billion.
Foreign direct investment in Hai Phong exceeds $2.3 billion. The city has issued licenses for 161 new projects, with a capital of over $1.2 billion, and adjusted 120 existing projects, increasing their investment by over $990 million.
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