LG Innotek, a major manufacturer of smartphone camera modules, is set to double its production capacity in Hai Phong, Vietnam with an investment of over 1 billion USD. This information was shared by Mr. Jeong Cheol-dong, CEO of LG Display, during a meeting with Prime Minister Pham Minh Chinh in Seoul, South Korea. The Hai Phong plant, which has been operational since 2020, currently produces around 390 million camera modules per year.
The visit by Prime Minister Pham Minh Chinh to South Korea is the first official visit by a senior Vietnamese leader since the two countries upgraded their relationship to a Comprehensive Strategic Partnership in December 2022. During the meeting with LG’s leadership team, the Prime Minister emphasized the importance of building more research and development centers in Vietnam and encouraged localization and involvement of Vietnamese enterprises in supply chains.
Other South Korean companies like CJ, Posco, Daewoo E&C, and GS Engineering & Construction Corp also discussed their investment plans in Vietnam with the Prime Minister. For instance, Posco Group proposed investing in an LNG power plant in Nghe An province while CJ Group planned to expand infrastructure projects and invest in more cinemas. The Prime Minister urged these companies to submit specific proposals to relevant Vietnamese ministries for consideration and resolution.
The growing economic ties between Vietnam and South Korea are evident from this visit by the Vietnamese leader. Discussions with South Korean companies highlight the need for increased investment and collaboration across various sectors such as smartphones manufacturing, energy generation and infrastructure development.