South Korea’s LG Display, a supplier of display panels for Apple, has obtained a licence to invest another US$750 million in its Vietnam factory, bringing the total investment in the facility to US$3.25 billion.

Following the February 7 approval, the factory has become the largest foreign-invested project in terms of capital in the northern port city of Hai Phong, about two hours’ drive from Hanoi.

The latest investment, which aims to expand production capacity, is expected to be completed by May and create an additional 5,000 jobs.

The Hai Phong facility was first approved in April 2016 with an investment of US$2.5 billion, manufacturing LG Corporation’s organic light-emitting diode (OLED) and liquid-crystal display (LCD) panels, which are used for TVs, monitors and smartphones. It reported a sales revenue of US$5.98 billion last year, surging from US$960 million in 2019.

Hanoi, Hai Phong and Quang Ninh province, home to the UNESCO World Heritage site Halong Bay, make up northern Vietnam’s key economic development triangle.