LG plans additional $4 billion investment in Vietnam

South Korean electronics giants including LG Electronics and Samsung Electronics plan to pour billions of dollars of additional investment into Vietnam.

The moves came as Vietnam and South Korea said on Monday that they would upgrade their relations to a "comprehensive strategic partnership."

According to Reuters on Tuesday, LG Corp. Vice Chairman Kwon Bong-Seok met Vietnamese President Nguyen Xuan Phuc on Monday and unveiled a plan to invest $4 billion more in the Southeast Asian country to build smartphone camera module lines.

LG has so far invested $5.3 billion in Vietnam to make such products as home appliances, cameras and auto parts.

Samsung Electronics, which has invested about $2 billion so far this year, will expand its total investment in Vietnam, Samsung's largest smartphone production base in the world, to $20 billion from $18 billion.

Currently, Samsung is building an R&D center with an investment of $220 million in Hanoi with the goal of completing it by the end of this year.

Samsung Electronics Vice Chairman Han Jong-hee reportedly met with the Vietnamese President on Tuesday to discuss ways to strengthen cooperation.

Hyosung Chairman Cho Hyun-joon also met with President Nguyen and promised to expand his company's investment in Vietnam. "We will actively make efforts to expand investment in Vietnam and strengthen cooperation by fostering Vietnam as an eco-friendly smart outpost in all business areas," Cho said.

Hyosung has invested $3.5 billion since it first entered the country in 2007.

Write to Jeong-Soo Hwang at hjs@hankyung.com