South Korean firm invests $1.5b in northern Vietnam

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LG-logoSouth Korea’s LG Electronics has been granted a licence to invest $1.5 billion into a new manufacturing complex in Dinh Vu–Cat Hai Economic Zone in Vietnam’s northern port city of Hai Phong, Vietnam New reported on September 11.

The project will be developed on a 10-hectare site in Trang Due Industrial Zone, a complex comprising industry, a township, recreation facilities and service parks on a total area of 600 hectares.

The project will be divided into two stages. The first stage will be developed in four years with $510 million. The second stage will involve spending $990 million over five years. The committee hopes the project will help the zone attract more investors, particularly LG partners and satellite parties; and create about 20,000 jobs.

LG Electronics will take advantage of new tax incentives available from the middle of August. They include corporate income tax of only 10 per cent in the first 15 years of operation.

The investment is another one made by South Korean firms after some companies, among them Samsung, said they will develop several power projects, including nuclear reactors, in Vietnam.

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Reading Time: 1 minute

South Korea’s LG Electronics has been granted a licence to invest $1.5 billion into a new manufacturing complex in Dinh Vu–Cat Hai Economic Zone in Vietnam’s northern port city of Hai Phong, Vietnam New reported on September 11.

Reading Time: 1 minute

LG-logoSouth Korea’s LG Electronics has been granted a licence to invest $1.5 billion into a new manufacturing complex in Dinh Vu–Cat Hai Economic Zone in Vietnam’s northern port city of Hai Phong, Vietnam New reported on September 11.

The project will be developed on a 10-hectare site in Trang Due Industrial Zone, a complex comprising industry, a township, recreation facilities and service parks on a total area of 600 hectares.

The project will be divided into two stages. The first stage will be developed in four years with $510 million. The second stage will involve spending $990 million over five years. The committee hopes the project will help the zone attract more investors, particularly LG partners and satellite parties; and create about 20,000 jobs.

LG Electronics will take advantage of new tax incentives available from the middle of August. They include corporate income tax of only 10 per cent in the first 15 years of operation.

The investment is another one made by South Korean firms after some companies, among them Samsung, said they will develop several power projects, including nuclear reactors, in Vietnam.

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