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2024-03-22 -
LG Innoteck to build camera plant

LG Innoteck to build camera plant

Prime Minister Nguyen Xuan Phuc speaks at the Investment Promotion Conference in Hai Phong on Monday. — Photo VNA

HẢI PHÒNG — The Republic of Korea (RoK)’s LG Innotech Co Ltd under the LG Group will invest US$ 五 五0 million into a project in the northern city of Hải Phòng, according to the Hải Phòng Industrial Zone Management Board.

The plant would turn out  三0 million products per month, all for export to supply camera modules to major phones makers, including Apple and LG. Construction of the plant is scheduled to start later this month and is expected to start operations in the third quarter of next year, according to Hải Phòng Economic Zone Authority.

LG Innotek produces dual-camera modules for Apple’s newly released iPhone  七, the first iPhone to feature a dual-lens camera.

The project will cover an area of  一0 hectares in Đình Vũ Economic Zone, according to local authorities.

The project is the third invested by LG in the city, bringing the group’s total investment in Hải Phòng to about $ 三. 三 五 billion.

The first was a $ 一. 五 billion facility producing electronic home appliances, which was put into operation in March  二0 一 五, and the second, also worth $ 一. 五 billion, was licensed in early April this year to make OLED displays. Both of them are in Tràng Duệ IZ.

Hải Phòng is one of the country’s top performers in foreign direct investment attraction alongside Hà Nội, southern Bình Dương and Đồng Nai provinces, and HCM City.

As of August, the city has attracted more than $ 一 一 billion in foreign direct investment in  二0 一 六.

Korea is one of Việt Nam’s top trade partners and investors, playing a major role in the development of high-tech industries here.

The RoK is currently the third largest trade partner of Việt Nam, while Việt Nam is also the RoK’s third largest importer.Two-way trade has surged  七 五-fold from  一 九 九 二 to nearly $ 三 八 billion. The RoK is also the biggest investor in Việt Nam with nearly  四, 八00 projects worth around $ 四 五 billion .- VNS

 

 

 

 

 

LG Innoteck to build camera plant