LG to build $1.5-bil hi-tech plant in northern Vietnam

lg

The northern city of Hai Phong licensed South Korea’s LG Electronics on September 10 to build a US$1.5-billion high-techcomplex.

The complex, which will be located in the Dinh Vu – Cat Hai Economic Zone, will manufacture products from air conditioners and vacuum cleaners to smart phones and TVs.

The electronic giant plans to complete the first phase of the project in four years, and the second phase, over the following six years. The complex is expected create about 20,000 jobs.

In March the South Korean firm announced the launch of a $300-million project in the Trang Due industrial zone, but it later hiked that to $1.5 billion after the government in June approved merging Trang Due with the Dinh Vu – Cat Hai economic zone.

Firms with investments in this economic zone have been offered several incentives including a 10 percent corporate tax rate for the first 15 years of operation.

South Korea is Vietnam fourth-biggest investor with a total pledge of $25.73 billion over the past 25 years.

Samsung, another South Korean electronics giant, has registered an additional $1 billion, taking up its total investment in the country to $5 billion.

Source : Thanh Nien News | September 11, 2013

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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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