HẢI PHÒNG — Chairman of the People’s Committee of northern Hải Phòng City Nguyễn Văn Tùng on Sunday gave a licence to LG Display Vietnam Hải Phòng's project adding US$750 million in investment.

The additional amount brought the investment capital of the entire project to $3.25 billion in total, making it the foreign-invested project with the highest value in the port city.

It is set to begin next month and become operational two months later, creating an additional 5,000 jobs and contributing about $5 million annually to the State's budget. 

LG Display Vietnam Hải Phòng's project was first approved in April 2016 with an investment of $2.5 billion, specialising in the production of LG Corporation’s OLED and LCD screens, among others.

In 2020, it posted $5.98 billion in sales revenues, a year-on-year surge of 624 per cent.

As of early February, the city had attracted $823 million in foreign investment, rising six-fold against the amount recorded in the first two months last year. — VNA/VNS