Commencement of LG Display Vietnam Project in Hai Phong with total investment capital of 1.5 billion USD

(Delegates press the button to officially start the project)

Comrade Nguyen Xuan Phuc, Politburo member, Prime Minister attended the groundbreaking ceremony. Also attending were comrades: Le Van Thanh, Member of the Party Central Committee, Secretary of the City Party Committee, Chairman of Hai Phong City People's Committee; Mai Tien Dung, Member of the Party Central Committee, Minister, Head of the Government Office; Nguyen Chi Dung, Member of the Party Central Committee, Minister of Planning and Investment; Tran Tuan Anh, Member of the Party Central Committee, Minister of Industry and Trade; Thuan Huu, Member of the Party Central Committee, Editor-in-Chief of Nhan Dan Newspaper; Nguyen Thanh Binh, Member of the Party Central Committee, Standing Deputy Head of the Central Organizing Committee; Nguyen Thi Nghia, Permanent Deputy Secretary of the City Party Committee, Head of the Hai Phong National Assembly Delegation; Nguyen Dinh Bich, Vice Chairman in charge of the City People's Council; consul dMinistry of Construction, Ministry of Science and Technology; comrades in the Standing Committee of the City Party Committee; leaders of the People's Council and City People's Committee; former city leaders from different periods; Leaders of departments, branches, branches and localities...

On the Korean side, there was Mr. Lee Hyuk, Korean Ambassador to Vietnam; General Director of LGD Group Han Sang Beom; together with leaders and senior officials of the Group...

LG Display project belongs to the largest investment project group in Hai Phong ever invested by LG Displays Group (Korea). The project is a chain of production and processing lines for high-tech screen products built on an area of ​​more than 40 hectares in the land area of ​​phase 2 of Trang Due Industrial Park. It is expected that LG Display will complete the factory construction by the end of this year and will go into production in early 2017. The Company's total revenue will reach about 4 billion USD/year when it reaches design capacity. Once put into operation, the project will create jobs for about 6,000 local workers.

General Director of LGD Group Han Sang Beom said that the decision to build a factory in Hai Phong - Vietnam is to meet the growing demand for OLED screens globally. Accordingly, LGD will spend about 10-20% of products for domestic consumption in Vietnam, and the rest for export. Also according to the leaders of LG Display Group, after going into operation, the factory will be able to dominate the Southeast Asian and Chinese markets.

At the Groundbreaking Ceremony, Comrade Le Van Thanh, Member of the Party Central Committee, Secretary of the City Party Committee, Chairman of the City People's Committee emphasized that this is one of the projects with the largest total investment, modern and large-scale in the city, producing high-tech products with added value, international competitiveness and environmental friendliness. He affirmed that the city will seriously implement the terms signed with LGD Group, and at the same time expected the Group to quickly implement the project, ensure progress, quality, and comply with the provisions of Vietnamese law.

Speaking at the Groundbreaking Ceremony, Prime Minister Nguyen Xuan Phuc acknowledged and appreciated the efforts of Hai Phong city and LG Display Group in proactively coordinating, removing obstacles and difficulties, and completing investment preparation procedures in a short time to start this important project. In order for the project to be implemented successfully, Prime Minister Nguyen Xuan Phuc requested ministries and central branches to coordinate closely with Hai Phong city and the investor to support and ensure that the project is completed on schedule, in accordance with legal regulations, with high quality and efficiency. Hai Phong city must create conditions for handing over the site on schedule, ensuring technical infrastructure conditions for project implementation. The Prime Minister also affirmed that the Vietnamese Government Nam is committed to actively supporting and creating the most favorable conditions for foreign investors, including LG Display, to effectively implement investment projects in Vietnam.

Korea is currently Vietnam's third largest trading partner, and Vietnam is also Korea's third largest export market. Two-way trade turnover has increased 75 times from 1992 to present, reaching nearly 38 billion USD. Korea is the largest investor in Vietnam through nearly 4,800 projects with a total investment capital of nearly 45 billion USD, making an important contribution to Vietnam's socio-economic development process, making the two countries' relationship increasingly extensive and comprehensive.

Tram Bau