Although LG Electronics operates four units in Vietnam, the business has only disclosed figures for LG Electronics Vietnam Hai Phong - LGEVH (mainly involved in the manufacture and sale of electronic products) and LG Innotek Vietnam Hai Phong – LGITVH (primarily engaged in the production and sale of electrical/electronic materials). Accordingly, LG Electronics Vietnam Hai Phong recorded a revenue of 5.133 trillion won (approximately 95,405 billion VND), an increase of 14.5% compared to 2022. The company's revenue is second only to LG Innotek (South Korea), LG Electronics U.S.A. (USA), and LG Innotek Vietnam Hai Phong.

However, LGEVH's profit decreased by 14.8% to over 150 billion won (about 2,788 billion VND).

By the end of 2023, the total assets of LG Electronics Vietnam Hai Phong stood at 1.996 trillion won (37,099 billion VND), of which liabilities accounted for more than 993 billion won (18,456 billion VND)

On the other hand, LG Innotek Vietnam Hai Phong achieved a revenue of 5.763 trillion won (107,115 billion VND), an increase of 32.6% compared to 2022.

During the period, the profit of LGITVH increased by 56.64% to 228.7 billion won (4,250 billion VND). As of the end of 2023, LG Electronics still held 40.8% of the capital in LG Innotek Vietnam Hai Phong.

The total assets of LG Innotek Vietnam Hai Phong reached 2.175 trillion won (40,426 billion VND), with liabilities exceeding 1.283 trillion won (23,846 billion VND).

Thus, in 2023, the two factories of LG Electronics in Vietnam recorded a total revenue of 10.896 trillion won (202,520 billion VND); while the total profit reached 378.7 billion won (7,038 billion VND).

In addition to these factories, the South Korean conglomerate also has another unit in Vietnam under LG Display called LG Display Vietnam Hai Phong.

It is noted that LG Display Vietnam Hai Phong recorded a revenue increase of nearly 4% to 2.773 trillion won (51,540 billion VND) in 2023. Meanwhile, the unit's net profit was 159.1 billion won (2,957 billion VND), a substantial increase of 41.8% compared to 2022.

With these results, LG Display Vietnam achieved the second highest profit and the third highest revenue among all subsidiaries of LG Display.

LG continues to strengthen its investments in Vietnam Originally starting with one project, LG Electronics in Hai Phong with an investment of 1.5 billion USD, LG has now expanded to seven projects with a total investment amounting to tens of billions of USD.

In the latest move, the LG Innotek Hai Phong factory has adjusted its capital increase by an additional 1 billion USD for the period 2023 – 2025, thereby raising the total investment of the project to over 2 billion USD.

Currently, LG has attracted investments in Hai Phong totaling 8.24 billion USD, including 7 projects with an investment of 7.24 billion USD (LG Electronics, LG Display, LG Innotek, LG CNS, LG Chemical (2 projects), LG International) and 50 satellite businesses with a total investment of nearly 1 billion USD. The cumulative export turnover of LG Group is 50.6 billion USD. With an annual growth rate of 72%, the average increase per year is 1.71 billion USD. LG consistently accounts for about 43% of the export turnover of Hai Phong.

Cumulatively, LG has contributed 530 million USD to the budget of Hai Phong, averaging 66 million USD per year.

Furthermore, the number of employees currently working at LG is nearly 31,000. Of these, 30,338 are Vietnamese workers and 406 are foreign workers. The average income is 13.1 million VND per person per month.

Moreover, businesses within the LG Group, including LG Electronics and LG Innotek, have also recently signed a memorandum of understanding with Hai Phong to support the city in building a smart city model and committed to continuing to expand investment projects there.

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