This picture taken on August 29, 2023 shows employees leaving the LG Display factory in Hai Phong. Photo by Nhac NGUYEN / AFP
Hanoi: South Korea's LG Display will inject another $1 billion into its factory in Vietnam, local authorities said Friday, pushing the firm's total investment in the country to more than $5.5 billion.
The announcement comes as Vietnam looks to boost its appeal as an investment destination for international companies.
A ceremony for a licence to increase capital for LG -- whose products include TV, mobile and automotive displays -- was held in the northern port city of Hai Phong on Thursday, a local official confirmed to AFP.
With the extra money, LG Display's total investment in Vietnam is now worth $5.65 billion.
Vietnam's Hai Phong industrial city is home to more than 1,000 foreign-invested projects worth more than $32 billion.
South Korea is the biggest investor in the city with $11 billion, followed by China and Japan, the city said in an online statement.
The display factory, one of LG's largest projects in Vietnam, opened in 2017.
In October, South Korean conglomerate Hyosung Group said it plans to double its investment in Vietnam to $8 billion, creating 10,000 jobs.
Hyosung operates across various fields including chemicals, heavy industry and IT.
Communist Vietnam has for years been known as a low-cost country to make clothes, shoes and furniture but it now wants a quick climb up the global supply chain.
