LG Innotek to build camera module plant in Vietnam

By Dam Tuan   September 16, 2016 | 04:39 pm GMT+7

South Korea’s leading tech company will invest $550 million in the project, with operations scheduled to commence next year.

LG Group has just been approved to officially start its third project in the northern city of Hai Phong.

This time it will be a $550-million factory for LG Innotek Co Ltd to supply camera modules to major phone makers, including Apple and LG itself. The plant is expected to start running in the third quarter of 2017.

The project will cover an area of 10 hectares (25 acres) in Dinh Vu Economic Zone, according to media reports.

lg-innotek-to-build-camera-module-plant-in-vietnam

LG Innotek will have a new plant to produce camera modules in Hai Phong. Photo from congnghe.vn

The tech giant is clearly responding to high demand for smartphone camera modules. The new factory is designed to churn out about 30 million module units per month for exports.

LG Innotek produces dual-camera modules for Apple’s newly released iPhone 7, the first iPhone to feature a dual-lens camera.

This is the third LG project in the northern port city, following an industrial complex for LG Electronics and another for LG Display.

With the new Innotek factory, LG Group has invested a combined $3.55 billion into Hai Phong, according to media reports. This has effectively turned the city into a primary manufacturing base for the South Korean tech giant.

South Korea is one of Vietnam's top trade partners and investors, playing a major role in the development of hi-tech industries here.

Related news:

> LG launches a $1.5 billion project in Hai Phong

> S. Korea’s E-mart to scale up investment in Vietnam

> Vietnamese workers overstay their welcome in S.Korea

 
 
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