LG Innotek said in a statement that the investment would be made by its Vietnamese branch from July 2023 to December 2025. The company aims to complete the new plant by the second half of 2024 and start mass production in 2025. The manufacturing plant's production capacity would be increased by more than double.
Hai Phong City will provide tax benefits and support the installation of substations. "We will continue to focus on creating differentiated customer values through consistent investment," LG Innotek CEO Chung Cheol-dong said in a statement on June 26.
"We are upgrading our domestic and foreign supply chains to improve our global business capacity," Chung added. LG Innotek also has camera module production facilities in South Korea including the southern industrial city of Gumi and the northern city of Paju.
The Vietnamese production plant reached annual sales of 4.3 trillion won in 2022.
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