LG Innotek announces $266 mln plan to expand Hai Phong facility

South Korean electronics giant LG Display has recently announced an investment of 375.9 billion Korean Won ($266 million) to expand its production facility for smartphone camera modules in northern Hai Phong city.

The investment period is set from November 22, 2024, to December 31, 2025. The latest expansion will help double the annual capacity for camera modules of the facility in Vietnam.

This is part of a broader plan announced by LG Innotek last year, when it committed to investing 1.3 trillion Korean Won to expand its production capabilities in Vietnam.

A representative from LG Innotek said that the purpose of the investment is to “respond to new business models in optical solutions and enhance competitiveness.” This strategic investment emphasizes the company’s commitment to maintaining its leading position in the market for high-tech components, particularly in the rapidly-growing field of optical solutions.

LG Innotek, a subsidiary of South Korea’s LG Corporation, is one of the top electronic components manufacturers in the world for optic solutions for smartphones, substrates for semiconductors, and automotive components.

LG has established a production base in Vietnam, primarily focusing on large industrial parks in the northern region, such as in Hai Phong and Bac Ninh province. These factories specialize in producing electronic components, including camera modules for smartphones, optical components, and other products that serve the electronics industry.

Its registered investment in Vietnam has exceeded $8 billion.