LG to Invest $1.5 Billion in Appliance, Electronics Plants in Vietnam
Sep 13, 2013
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South Korea's LG Electronics is planning to spend as much as USD $1.5 billion to increase it manufacturing capacity in Vietnam.
Currently, LG has annual production capacity in Vietnam to make:
• 500,000 washing machines
• 500,000 vacuum cleaners
• 150,000 air-conditioners
• 750,000 TVs
• 400,000 mobile phones
LG will expand its manufacturing footprint in Haiphong, Vietnam's biggest port city. The first new factory on the site is scheduled to begin making home appliances and TVs in mid-2014. Other plants will be added over the course of the 10-year investment project on the site, and two existing Vietnamese LG plants will be relocated to the site.
An LG spokesman described Vietnam as an attractive nation for investment, with the benefit of political stability and a workforce that is becoming more educated.
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