Hai Phong City has green-lighted a proposal by LG Innotek, a subsidiary of the South Korean electronics giant that makes camera modules, to double its investment to US$2 billion.

The $1 billion will double the company’s capacity when the new facility begins production in 2025, according to city authorities.

The company, which set up a plant in 2017 at a cost of $1 billion, reported revenues of VND78.2 trillion ($3.32 billion) and profits of VND2.5 trillion last year.

It employs around 3,500 workers.

Source: VnExpress