LG Display raises investment at Vietnam factory by $1.4 bln – local govt – Reuters
A man walks out of the headquarters of LG Display in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak/File Photo
HANOI, Aug 31 (Reuters) – Vietnam has awarded a licence to South Korea's LG Display (034220.KS) that will see it raise its investment in the northern port city of Haiphong by $1.4 billion, the city's People's Committee said on Tuesday.
The investment will boost the company's OLED display output at the Haiphong factory to 13 million to 14 million units per month, from the current 9.6 million to 10.1 million monthly units, the committee said in a statement.
The additional $1.4 billion will raise the LG Display investment to $4.65 billion.
The company did not immediately respond to a request for comment.
The additional investment would generate 10,000 new jobs and create export revenue of $6.5 billion a year, the committee said.
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South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.
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