ĐÀ NẴNG — Korea’s LG Electronics and Trung Nam Land JSC inked an agreement on Friday with a vision to transform Đà Nẵng into the centre of technology and R&D in Việt Nam, creating a mini 'Silicon Valley'.
The agreement marks LG Electronics' commitment to building its second R&D centre in Việt Nam after just one month of preparation.
The Korean giant previously signed a Memorandum of Understanding for the first R&D centre in the city with Đà Nẵng’s Investment Promotion Agency on October 6.
Following the agreement, LG Electronics will set up the centre at the Đà Nẵng Information Technology Park Tower in Liên Chiểu District, creating a space for software research and production to serve electronics manufacturing in Việt Nam as well as attracting more subsidiaries of LG from Korea to Đà Nẵng and Việt Nam.
LG Electronics said it would boost co-operation with universities and vocational colleges in Đà Nẵng to train human resources and high-quality manpower for the centre.
Director of LG Vehicle Component Solution Development centre Jung Seung Min said the agreement was the first step in turning Đà Nẵng into a strategic location for LG Electronics and boosting R&D after two decades of investment in Việt Nam.
“I am so impressed with the development of Đà Nẵng's leadership vision. It’s the reason we decided to build our second R&D centre in Đà Nẵng after the one we opened in Hà Nội four years ago,” Jung Seung Min said.
“We hope to build Đà Nẵng into the biggest R&D centre for LG Electronics in Việt Nam, and a centre of advanced technology,” he said.
Nguyễn Anh Huy from Trung Nam said the agreement marked the significant co-operation between a local business and Korean partner in turning Đà Nẵng into an attractive destination for global high-tech industries.
He said Trung Nam and LG Electronics would join hands to realise the ‘dream’ of a ‘Silicon Valley’ in central Việt Nam.
Last week, Trung Nam began construction of its first surface-mount technology (SMT) factory with a capacity of 6.2 million electronic products per year at the Đà Nẵng Hi-tech Park.
Đà Nẵng has been building the 341ha Đà Nẵng IT Park and calling for businesses from Silicon Valley and the US to invest in healthcare, high-tech industries, Artificial Intelligence, education, real estate and automation.
Two Silicon Valley-based businesses – Meritronics AMT Inc and Ai20X Silicon Valley –have already agreed to develop the park.
According to the latest report from the city, Đà Nẵng had drawn 868 foreign direct investment (FDI) projects with total registered capital of US$3.5 billion.
Korea is one of the top five foreign investors in Đà Nẵng with 232 projects worth $390 million.
The South Korea Trade and Investment Agency (KOTRA) also opened a representative office in Đà Nẵng to promote investment and connections with Korean investors in 2018.
The Consulate General of the Republic of Korea will inaugurate an office in Đà Nẵng on November 6. — VNS
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