The Korean tech company held a ceremony on March 8 to celebrate the opening of a new entity in Hanoi, in a bid to further nurture the existing auto parts-focused R&D center which LG has been running since 2016.

LG's Hanoi R&D center focuses on software development and inspection of in-vehicle products, including telematics, and audio, video and navigation devices.

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An LG factory in Hai Phong city

The company expects the new entity to strengthen LG's R&D infrastructure and competitiveness in Vietnam, and said it will increase the number of developers there by more than 30% to 1,000 by next year.

In 2020, LG also opened an R&D office for auto parts in the Central city of Da Nang to enhance its EV-related business and nurture talent. The giant considers the EV parts business one of its most promising growth sectors.

During the fourth quarter, the company reported a significant drop in operating profit due to slowing demand for home appliances, but its EV parts business made a turnaround 10 years after its launch.

In early January, Eun Seok-hyun, President of LG's vehicle component solutions division, said he expects its EV parts business to grow sharply this year to top 10 trillion won (over 7.5 billion USD) in sales.

Source: VNA