LG Display Doubles Down On Vietnam With $1 Billion Investment

LG Display is strengthening its foothold in Vietnam's growing technology sector with a fresh $1 billion investment in its Hai Phong factory operations, bringing its total commitment in the Southeast Asian nation to $5.65 billion, says a report by news agency Reuters.

The expansion, confirmed by Hai Phong city officials, marks a significant boost to Vietnam's ambitions to transform from a traditional manufacturing hub into a high-tech production powerhouse. 

Notably, South Korea's LG Display, known for producing screens for televisions, mobile devices, and vehicles, first established its Vietnamese presence in 2017.

The investment highlights Hai Phong's emergence as a premier industrial destination, where more than 1,000 foreign-backed projects have accumulated over $32 billion in total investments. South Korean enterprises lead the investment charge in the northern port city with $11 billion committed, followed by Chinese and Japanese investors.

This development comes as Vietnam actively positions itself to move beyond its traditional role in producing textiles, footwear, and furniture, seeking to attract more sophisticated manufacturing operations. 

The country's strategic shift appears to be gaining momentum, as evidenced by another recent announcement from South Korea's Hyosung Group, which plans to double its Vietnamese investments to $8 billion, promising 10,000 new jobs across its chemical, heavy industry, and IT operations., reports say.

Vietnam's ability to attract major technology investments demonstrates its growing appeal as a destination for high-tech manufacturing, as the country works to strengthen its position in global supply chains and transition toward higher-value industrial production.