LG Group enters Vietnam<\/p>\n
HANOI (AFP): South Korea's LG Group has received a licence to
\nbuild a US$7.7 million joint-venture factory to produce water
\npumps in the northern Vietnamese port of Haiphong, a company
\nexecutive said yesterday.<\/p>\n
Lee Sang-Mo, regional managing director of LG International
\nCorp. which oversees all LG investments abroad, said LG
\nElectronics Co. Ltd. will take a 70 percent stake in the plant.<\/p>\n
Mechanical Engineering and Import Export Co., under the
\nMinistry of Industry, would take 30 percent, he said.<\/p>\n
The project is LG's 11th investment in Vietnam where it is
\ninvolved in projects worth about US$250 million, Lee said.<\/p>\n
He said the group was still interested in investing in the
\nproposed Dung Quat oil refinery, but declined to give details.<\/p>\n
LG's other major investments in Vietnam include television
\nassembly, fertilizers and telecommunications equipment.<\/p>",
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