LG Group enters Vietnam

LG Group enters Vietnam

HANOI (AFP): South Korea's LG Group has received a licence to
build a US$7.7 million joint-venture factory to produce water
pumps in the northern Vietnamese port of Haiphong, a company
executive said yesterday.

Lee Sang-Mo, regional managing director of LG International
Corp. which oversees all LG investments abroad, said LG
Electronics Co. Ltd. will take a 70 percent stake in the plant.

Mechanical Engineering and Import Export Co., under the
Ministry of Industry, would take 30 percent, he said.

The project is LG's 11th investment in Vietnam where it is
involved in projects worth about US$250 million, Lee said.

He said the group was still interested in investing in the
proposed Dung Quat oil refinery, but declined to give details.

LG's other major investments in Vietnam include television
assembly, fertilizers and telecommunications equipment.