The Republic of Korea (RoK)’s LG Display Co. Ltd will invest additional $1 billion to expand its factory in northern Hai Phong port city.

The new investment will bring its total investment capital in Vietnam to $5.65 billion.

The company received the investment registration certificate from local authorities recently.

Its LG Display Vietnam Hai Phong’s project is located in the Trang Due Industrial Zone, specializing in the production of OLED and LCD screens, among other items.

The project is one of LG's biggest investments in Vietnam and has a monthly output of 14 million OLED display product units.

The project started in 2016 with an initial investment capital of $1.5 billion. After eight years of operation, the factory has created jobs for over 22,000 workers and posted annual export revenue of $5.8 billion.