LG Innotek invests 1.3 trillion KRW to expand in Vietnam... Camera module production doubles

Vietnam Camera Module Production Capacity More Than Doubled
President Jeong Cheoldong: "Creating Differentiated Customer Value Through Continuous Investment"

LG Innotek will invest 1.3 trillion KRW (1 billion USD) to expand its production capacity of camera modules more than twofold by expanding its manufacturing subsidiary in Haiphong, Vietnam.

On the 26th, LG Innotek announced that it will invest 1.3 trillion KRW in the expansion of its Haiphong manufacturing subsidiary from next month until December 2025. The investment will be made directly by the Vietnam manufacturing subsidiary. The new factory is scheduled to be completed in the second half of 2024, aiming for mass production in 2025. Haiphong City will support the expansion by installing additional substations for power supply and providing tax benefits.

With this expansion investment, the camera module production capacity of the Vietnam factory will be more than doubled, enabling a more stable supply of large volumes to customers.

LG Innotek already acquired the Gumi Plant 4 in June last year and is investing 1.4 trillion KRW by this year to enhance production capabilities for camera modules, semiconductor substrates, and more.

So far, LG Innotek has established stable supply chains by having camera module production bases in Gumi, Gyeongbuk Province, Paju, Gyeonggi Province, and Vietnam. The domestic camera module sites plan to focus on producing high value-added camera modules and optical components for new applications.

President Chung Cheol-dong said, “LG Innotek is strengthening its global business competitiveness by solidifying domestic and international supply chains,” adding, “We will continue to focus on creating differentiated customer value unique to LG Innotek through ongoing investments.”

Established in September 2016, LG Innotek’s Vietnam manufacturing subsidiary employs about 3,500 workers. Its main products are camera modules for smartphones. The Vietnam subsidiary recorded sales of 4.3 trillion KRW last year, making it the largest among LG Innotek’s overseas subsidiaries.

This content was produced with the assistance of AI translation services.