Haiphong Promotes Investment and Signs Strategic MOUs with LG Group
(Haiphong.gov.vn) – Within the framework of the working program in South Korea, on June 4, a high-ranking delegation from Haiphong City led by Mr. Do Thanh Trung, Deputy Secretary of the City Party Committee and Chairman of the City People’s Committee, had a comprehensive and effective working day with LG Group. Notably, the highlights were the Investment Promotion Conference with enterprises in the supply chain in the morning and intensive working sessions leading to the signing of 3 strategic cooperation Memorandums of Understanding (MOUs) with core units of the group in the afternoon.
The program was accompanied by Mr. Vu Ho, Ambassador Extraordinary and Plenipotentiary of Vietnam to South Korea, and Mr. Pham Van Thep, Head of the Haiphong Economic Zone Authority, opening a new chapter in cooperation relations aimed at turning the Port city into LG’s largest manufacturing and carbon-neutral center in Southeast Asia.
Opening the working day, the morning conference session took place successfully with the participation of a large number of satellite enterprises in the global supply chain of LG Group.
Speaking at the conference, Chairman of the City People’s Committee Do Thanh Trung affirmed that the LG ecosystem has contributed to changing the local economic landscape and industrial mindset, while proposing 3 strategic key points including core technology transfer, building a sustainable supply chain according to ESG standards, and creating a breakthrough in international human resources.
Highly appreciating the attractive investment environment, Mr. Moon Byeong Hoon, General Director of LG Electronics Vietnam Haiphong Co., Ltd., assessed that this is an ideal launchpad for satellite enterprises to expand production.
During the discussion session, enterprises frankly shared and were directly answered thoroughly by city leaders regarding many practical obstacles related to the construction of worker housing, wastewater treatment systems, licensing procedures for small-scale factories, and land lease price policies, demonstrating the commitment of the Haiphong government to always accompany and create the best conditions for investors.
Continuing the program, the afternoon of the same day witnessed a series of intensive working activities between the City Delegation and core member units including LG Electronics, LG Display, LG Innotek, and the LG Global Strategy Development Institute.
In separate working sessions, Haiphong City successfully signed 3 important investment cooperation MOUs with LG Electronics, LG Display, and LG Innotek.
Specifically, the city agreed with LG Electronics on standard labor training solutions and strengthening intern exchanges; committed to supporting LG Innotek in resolving difficulties to soon implement new projects and jointly build the “Green Initiative” Center; and at the same time recorded LG Display’s proposals on ensuring a stable power supply, supporting land funds for warehousing, and attracting talent.
Working with the LG Global Strategy Development Institute, city leaders expected the group to share more experience in artificial intelligence (AI) and renewable energy, and the Institute also affirmed that it would prioritize choosing Haiphong for future investment expansion plans.
The resounding success of the working day continues to affirm the leading role of the LG ecosystem in the picture of attracting FDI from South Korea into Haiphong, bringing the total investment capital of this country in the city to more than 14 billion USD. Up to now, LG Group alone has poured 10.6 billion USD into 7 major projects, in which LG Display accounts for nearly 5.7 billion USD, gathering a bustling network of more than 50 satellite enterprises. The complex of LG factories currently accounts for up to 43% of the city’s total export turnover, contributing an average of 66 million USD per year to the budget, and is creating enormous social welfare values by providing stable employment for nearly 31,000 local workers./.
Tuan Anh
Hai Phong Newspaper, Radio and Television Station