According to the article, there are about 1,000 R&D employees of automotive electronics and electronic equipment working at R&D subsidiaries of LG Electronics Vietnam in Hanoi and the central city of Da Nang, including only six Korean staff.

In 2019, the number of R&D personnel of LG in Vietnam totaled 200, but by January 2023, a R&D department of the firm with about 750 employees was splited into an independent unit.

The article said Vietnam's R&D competitiveness benefits from changes in the Government’s policies.

The Vietnamese Government aims to go beyond the previous “Made in Vietnam” model, which was limited to be a hired processing facility, to become a manufacturing centre with its own technology and production capacity, and stepped up efforts to promote the information and communications technology (ICT) sector.

Domestic universities have recently focused on training engineers specialising in information technology (IT).

Following this trend, the presence of R&D centre of LG Electronics Vietnam is also growing stronger. The role of Vietnamese developers, who are mainly responsible for developing and testing basic electronic functions by analysing orders from automakers, has been expanded to the design of core functions.

Jeong Seung-min, director of the R&D centre of LG Electronics Vietnam - said that the establishment is responsible for developing software related to LG's automotive electrical and electronic equipment.

Initially, LG’s research facilities in Vietnam could carry out only 20% of the R&D process, but now they can carry out up to 60% and are expected to increase in the near future.

FDI flows in Vietnam forecast to boom this year

Vietnam will experience a breakthrough in foreign direct investment (FDI) attraction to the fields of technology, renewable energy, health, banking and real estate, according to world media.

Prime Minister highlights pioneer role of FDI firms in green growth

Prime Minister Pham Minh Chinh on March 19 chaired a meeting with FDI enterprises and the annual Vietnam Business Forum (VBF) in Hanoi.

Tax collection from FDI enterprises surges 14 percent year on year

BAC GIANG – Since early this year, Bac Giang province has collected 2 trillion VND (85.4 million USD) of value added tax and corporate income tax from foreign direct investment enterprises (FDI), up nearly 14 percent year on year and reaching over 85 percent of the assigned estimate.

FDI attraction up 38.6% in two months

Vietnam attracted 4.29 billion USD in foreign direct investment (FDI) in the first two months of 2024, a year-on-year surge of 38.6%.

Bright prospects for FDI attraction in 2024

With a series of cooperation document signing and investment licencing for foreign investors right from the beginning of the year, Vietnam expects impressive results in attracting foreign direct investment (FDI) this year.

Source: VNA