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|The signing ceremony of the MoU between Da Nang Investment Promotion Agency and LG Vehicle Component Solutions – Development Centre Photo: Vietnam Finance|
Da Nang Investment Promotion Agency and Vehicle Component Solutions- Development Center of LG Electronics Vietnam Hai Phong Co. Ltd have signed the memorandum of understanding, Vietnam Finance reported.
Under the memorandum of understanding, the Vehicle Component Solutions- Development Center will train and admit IT Vietnamese students to work at its premises and give a priority to Da Nang as it has demand for business expansion.
Meanwhile, Da Nang Investment Promotion Agency will coordinate with relevant agencies to assist LG in implementing procedures for setting up the center as well as support its member companies, research and development centers, satellite manufacturers, and subsidiary manufacturers to survey and invest in the coastal city.
Director of the Vehicle Component Solutions – Development Centre Jung Seung-min said that the center is expected to create a new face for Da Nang in electronic R&D.
As of September 15, RoK investors had run 232 projects in Da Nang with a total investment of over 390 million USD, ranking fifth among foreign investors in the city. Most of the projects are in services and real estate.
|Previously, in July, in a meeting with Prime Minister Nguyen Xuan Phuc, a representative of LG Electronics said that the conglomerate is considering building a new research and development (R&D) center in Vietnam as well as expanding the existing facility in Hai Phong.|
LG Electronics covers eight main business fields, in which the Vehicle Component Solutions- Development Center Vietnam specializes in manufacturing components and software solutions for cars.
Currently, LG Corp has sales and marketing offices in Hanoi, Da Nang, and Ho Chi Minh City. 7 out of 8 of its subsidiaries invested in Trang Due industrial zone, Hai Phong. The total revenue of LG Corp is expected to reach 20 billion USD in 2021.
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