The signing ceremony of the MoU between Da Nang Investment Promotion Agency and LG Vehicle Component Solutions – Development Centre (Source: Tuoitrenews)Da Nang (VNA) – The Republic of Korea’s conglomerate LG will establisha centre for research and development (R&D) on vehicle components in thecentral city of Da Nang.
This is part of a memorandum of understanding signed betweenthe city’s Da Nang Investment Promotion Agency (IPA) and the Vehicle ComponentSolutions – Development Centre (LG VS) of LG Electronics Vietnam Hai Phong Co.Ltd. on October 6.
Under the MoU, the IPA will coordinate with relevantagencies to help LG with carrying out procedures for setting up the centre, aswell as supporting the conglomerate’s member companies, research anddevelopment centres, satellite manufacturers, and subsidiary manufacturers tosurvey and invest in Da Nang.
On the other way, the LG VS will admit IT students from the Vietnamese city towork at its premises and give a priority to the coastal city when it has demandfor business expansion.
Director of the Vehicle Component Solutions – DevelopmentCentre Jung Seung-min said that the centre hopes to create a new face for DaNang in electronic R&D.
As of September 15, RoK investors had run 232 projects in DaNang with a total investment of over 390 million USD, ranking fifth amongforeign investors in the city. Most of the projects are in services and realestate./.
VNA
