LG, South Korea’s conglomerate, will shape a closed-loop manufacturing complex in Vietnam's northern port city of Hai Phong, as the chaebol considers Vietnam to be a worldwide center, said a chief. The complex will be completely acknowledged following the completion of the LG Innotek plant, as most would consider to be normal to enter business activities in 2025, Cheoldong Jeong, president and CEO at LG-run LG Display Co Ltd., told Vietnamese Prime Minister Pham Minh Chinh in Seoul.    Last June, LG Innotek, the electronic parts arm of LG, was authorized to put an fund of $1 billion in its Hai Phong establishment with a current limit of 390 million camera modules. The new venture, scheduled for July 2023-December 2025, is spent on building another plant for manufacturing and export of camera modules.

In his discussions with the Vietnamese PM, whose four-day South Korea visit ended Wednesday, the LG executive certified that the gathering saw Vietnam as a critical manufacturing center and will keep putting resources in the nation. PM Chinh, in reply, asked LG to build the localization rate in its Vietnam offices and work with neighborhood firms' commitment to its supply and production chains.

In accordance with digital, green, circular, and sharing economy development, he suggested that LG establish more R&D centers in Vietnam and position the nation as a crucial base for global manufacturing and development of its key products.