As part of its working program in South Korea, on April 25, the Hai Phong People’s Committee, in collaboration with LG Group, organized an Investment Promotion Conference in Seoul, targeting LG’s partner enterprises.
The event was attended by Mr. Le Tien Chau, Member of the Party Central Committee and Secretary of Hai Phong Party Committee; Mr. Vu Ho, Ambassador of Vietnam to South Korea; Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Authority; Mr. Baek Chan, General Director of LG Electronics Vietnam, and representatives from 60 supporting enterprises within LG’s ecosystem.
In his opening remarks, Mr. Le Tien Chau commended LG Group’s decade-long presence in Hai Phong, highlighting its crucial contribution to the city’s development and to Vietnam’s economy. He emphasized that LG's success in Hai Phong reflects the city’s attractive investment environment for foreign enterprises, particularly those from South Korea.
Vietnam's Ambassador to South Korea, Mr. Vu Ho, affirmed that Hai Phong ranks among the top localities in Vietnam for South Korean investment projects. This demonstrates Hai Phong’s openness and appeal to foreign investors. He pledged that the Vietnamese Embassy in South Korea would continue to support and connect leading South Korean corporations with Hai Phong. At the conference, Mr. Baek Chan highlighted LG Electronics’ plans to expand its production lines in Hai Phong to include dishwashers and ovens, further enhancing its contribution to Hai Phong’s rapid economic growth.
Currently, LG has invested $8.24 billion in Hai Phong, including seven projects worth $7.24 billion (spanning LG Electronics, LG Display, LG Innotek, and others) and 50 satellite enterprises with a total capital of nearly $1 billion. LG accounts for 43% of Hai Phong’s total export turnover, establishing the city as a magnet for large-scale FDI projects.
In subsequent meetings with LG Innotek and LG Electronics executives, Mr. Le Tien Chau encouraged LG to expand its investment in Hai Phong. He expected LG Group to establish research and development (R&D) centers, innovate through technology transfer, and collaborate on infrastructure projects like dormitories and affordable housing for workers. In education, Mr. Chau proposed greater collaboration with local universities to train skilled workers and expand Korean language programs in schools. In healthcare, he suggested LG explore partnerships in vaccine production, pharmaceutical development, and medical equipment manufacturing, while providing training to elevate the quality of healthcare in Hai Phong.
The Hai Phong delegation also met with the Export-Import Bank of Korea (KEXIM Bank) to discuss ODA loan support for critical infrastructure projects. Key priorities include the expansion of the Tan Vu-Lach Huyen 2 Bridge, construction of Ring Roads 2 and 3, and other essential road projects to modernize the city’s transport infrastructure.Mr. Chau expressed hope that KEXIM Bank would assist Hai Phong in securing funds to further its infrastructure development, enhancing its investment appeal to South Korean enterprises.
To foster closer ties, Mr.Chau extended invitations to LG executives and KEXIM Bank leaders to visit Hai Phong and participate in the 2024 Red Flamboyant Flower Festival, symbolizing the city’s vibrant future as a center for global investment and innovation.