More facilities in Vietnam a further step to developing the company's worldwide strategy.
LG Electronics is establishing 30 manufacturing facilities in Vietnam in order to support its strategic development across the world.
They will help in supplying raw materials and components according to Mr. Koh Tae Yeon, Strategic Development Director of LG Electronics Vietnam.
"LG is building the infrastructures to welcome companies around the world to Vietnam," Mr. Koh said. "These manufacturing companies will produce and supply auxiliary products for plants. They will also support Vietnamese companies in providing high quality auxiliary products." The Korean electronics firm is initially aiming to have a localization rate of 50 per cent.
In late March, LG launched a high-tech plant for the manufacture of a combination of products in Trang Due, Hai Phong with a total investment of $1.5 billion. It is the largest LG facility of its type in the region at 800,000 square meters, playing a key role in the development strategy of LG globally.
The plant has a capacity of 16 million products per year. It produces and assembles high-tech products such as televisions, mobile phones, washing machines, air conditioners, vacuum cleaners and digital devices for automobiles.
LG entered the Vietnamese market in 1995 under the name of LG Sel Electronics. It opened its first factory in Hung Yen with an investment capital of $13 million and a production line capable of producing 550,000 units per year.