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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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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