Deputy PM pledges strong support for Korean investors

The Vietnamese Government pledges to support and accompany partners, including Korean investors, to ensure their sustainable and long-term operations in Vietnam, Deputy Prime Minister Nguyen Chi Dung told Choi In Kwan, General Director of LG Display Vietnam Hai Phong at their meeting in Hanoi on April 4.

Dung praised LG Group's strong business performance and its substantial contributions to Vietnam’s socio-economic development, highlighting the growing Vietnam – Republic of Korea (RoK) Comprehensive Strategic Partnership across various sectors, particularly in economy, trade, and investment.

Deputy PM Nguyen Chi Dung receives Choi In Kwan, General Director of LG Display Vietnam Hai Phong

Amid complicated developments of the global and regional situation, especially increasing risks of trade wars, he reaffirmed Vietnam’s commitment to maintaining political and socio-economic stability, building an independent and self-reliant economy while proactively pursuing extensive, substantive, and effective global integration.

The Vietnamese Government is committed to further fine-tune its institutional framework and offering maximum support to both domestic and foreign investors, he said, suggesting the company further expand its investment in Vietnam, foster partnerships with local businesses, and bolster Vietnam’s integration into the global value chain.

He proposed maintaining open communication channels with Vietnamese authorities to manage risks arising from shifting economic and trade policies, paving the way for collaborative, win-win solutions.

Choi, for his part, said LG Display Vietnam Hai Phong, established in 2016, specialises in the production, assembly, and processing of hi-end, smart display panels. From an initial registered investment of 1.5 billion USD, the company’s total capital reached 4.65 billion USD by late 2023, with an additional 2.3 billion USD injected in 2024 to scale up production, aiming for a 30% annual growth rate. He credited this progress to the steadfast support from the Vietnamese Government and the municipal authorities.

The company wishes for continued support from the Vietnamese Government, particularly through preferential policies and tax extensions for hi-tech enterprises, to sustain operations, he said, noting that LG Display Vietnam Hai Phong secured a hi-tech enterprise certification in 2024 after meeting stringent requirements, qualifying it for such benefits.

In response, Dung directed the Ministry of Science and Technology and the Ministry of Finance to assist the company with tax incentive procedures, pledging the Government’s best efforts to support the company’s growth in Vietnam.