South Korean firm invests $1.5b in northern Vietnam

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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