LG Electronics to build mini 'Silicon Valley' in Vietnam

LG Electronics Inc. will set up its second research and development (R&D) center in Vietnam at the Da Nang Information Technology Park Tower with a vision of transforming the city into a mini 'Silicon Valley.'

The company signed a deal with real estate developer Trung Nam Land Joint Stock Co. to establish the second R&D center.

LG Electronics would also coordinate with universities and colleges in Da Nang to train personnel for the center for software research and production, which would serve electronics manufacturing in Vietnam.

According to Jung Seung Min, Director of LG Vehicle Component Solution Development, they were so impressed with Da Nang's leadership vision that they decided to build its second R&D center in Da Nang.

The facility would help Da Nang become the technological and R&D center in Vietnam.

The deal follows LG's memorandum of understanding with Da Nang's Investment Promotion Agency on October 6 for the establishment of its first R&D center in the city.

The company is expanding its presence in the Southeast Asian market.

LG reportedly plans to set up another R&D center dedicated to its vehicle component solutions business in Da Nang.

South Korea's No. 2 electronics company already runs an R&D center focused on its vehicle component solutions business in Hanoi.

In 2014, LG set up a plant producing smartphones, home appliances, and in-vehicle infotainment components in Haiphong, northern Vietnam.