South Korean tech firm LG Electronics has obtained an investment license for its manufacturing plant in the Trang Due Industrial Park, located within the Hai Phong-based Dinh Vu – Cat Hai Economic Zone.

The license was granted by the management board of the Hai Phong Economic Zone, the Kinh Bac City Development Holding Co (KBC) confirmed on Monday.

Earlier this year, LGE inked a deal to lease more than 40 hectares of land in the industrial park to prepare for this project, according to KBC.

The LGE production complex is expected to consume US$1.5 billion worth of investment, and generate some 20,000 jobs.

It is hoped that the presence of the LGE project will increase the investment attractiveness of Hai Phong, as well as lure more investment from the South Korean company’s partners to the economic zone.

In related investment news, a source from the General Energy Department under the Ministry of Industry and Trade has revealed that another South Korean tech giant – Samsung - is considering a plan to invest in a thermal power plant in Vietnam.

Specifically, the company is weighing investment chances among the Vung Ang 3 (based in Ha Tinh), Song Hau 3 (Hau Giang), and Quang Trach 2 (Quang Binh) facilities.

The chief of the department, Nguyen Khac Tho, however, said that Samsung is only considering the investment.

“No documents on the possibility of investment have been signed yet,” he said.