Hai Phong holds investment promotion conference with LG supply chain firms

The conference was attended by Do Thanh Trung, Deputy Secretary of the Hai Phong Party Committee and Chairman of the Hai Phong People's Committee; Vu Ho, Vietnam's ambassador to South Korea; Pham Van Thep, member of the Standing Committee of the Hai Phong Party Committee and head of the Hai Phong Economic Zone Authority; representatives of the city's business delegation; and executives of companies in LG's supply chain.

Speaking at the conference, Chairman Do Thanh Trung said LG was not only a major foreign investor and contributor to the city's export growth, budget revenues and social welfare, but had also helped reshape Hai Phong's economy and approach. LG's presence has demonstrated Hai Phong's ability to attract some of the world's leading technology companies.

With the goal of turning Hai Phong into LG's largest manufacturing and carbon-neutral hub in Southeast Asia, the city proposed that LG and its supplier companies work with local authorities on three strategic priorities: transferring core technologies and preparing for future development, building a sustainable ESG (environmental, social and governance) supply chain, and making breakthroughs in developing an international-standard workforce.

Moon Byeong Hoon, General Director of LG Electronics Vietnam Hai Phong Co., Ltd., praised Hai Phong's potential, advantages and attractive investment environment, affirming these conditions would provide a favorable basis for companies in LG's supply chain to consider expanding production in the city.

During discussions, companies in LG's supply chain discussed issues including construction and housing support for workers, support for wastewater treatment to meet environmental requirements, licensing for small-scale manufacturing plants, accelerating and simplifying investment licensing procedures in industrial parks, and land rental costs in several industrial zones across the city.

Hai Phong authorities addressed issues raised by the businesses. The city pledged continued support and favorable conditions for South Korean companies seeking investment, production and business opportunities in Hai Phong.

Later the same day, the city delegation led by Chairman Do Thanh Trung met with LG Electronics, LG Display, LG Innotek and LG's Global Strategy Development Institute.

At a meeting with LG Electronics, Chairman Do Thanh Trung congratulated the company on its business performance despite volatility in global markets, saying the company's success was also the city's success as it reflected the favorable investment environment.

One of the key concerns of LG companies was workforce availability, Chairman Do Thanh Trung said the city had introduced measures to train workers, while promoting internship programs at LG companies.

Representatives of LG Electronics praised Hai Phong's potential, advantages, favorable investment environment and the city's measures to address shortages of high-quality labor. They said the company was considering expanding production and hoped to continue receiving support from the city to develop its business activities and contribute to the city's growth.

At a meeting with LG Innotek, Chairman Do Thanh Trung said the city would continue supporting the company and focus on resolving bottlenecks so that LG Innotek could implement its project as soon as possible.

Representatives of LG Innotek welcomed the Hai Phong delegation and said the company had consistently received support from the city over the years. As it prepares to implement a new project in Hai Phong, the company said it hoped to continue receiving favorable conditions to ensure the project is carried out on schedule.

The city also proposed that the company work with local authorities to establish a Green Innovation Center to advance the city's green transition.

At a meeting with LG's Global Strategy Development Institute, Chairman Do Thanh Trung outlined Hai Phong's potential, advantages and favorable investment environment, and called on LG to allocate additional resources for investment in the city.

Impressed by Hai Phong's growth, representatives of the institute said the effective operations of South Korean companies in general, and LG affiliates in particular, were the typical proof of Hai Phong's investment appeal. They said LG would prioritize Hai Phong for future investment when implementing plans to expand production.

On the occasion, the Hai Phong People's Committee signed three memoranda of understanding on investment cooperation with LG Electronics, LG Display and LG Innotek.

Hai Phong News