LG Innotek plans to invest 375.9 billion won ($290 million) to expand its camera module manufacturing facility in Hai Phong, Vietnam, accelerating the South Korean component maker’s push into Southeast Asia.
The investment, running through December 2024, is part of a broader 1.3 trillion won commitment announced last year to boost the company’s Vietnamese operations. The expanded plant is expected to begin mass production in 2025.
The move comes as LG Innotek’s optical solutions unit, which produces camera modules for smartphones and other devices, drives the company’s growth. The division generated 12 trillion won in third-quarter sales, representing 83% of total revenue.
By doubling production capacity at the Hai Phong facility, LG Innotek aims to strengthen its supply chain and meet rising demand for advanced camera modules, particularly as smartphone makers roll out new models with increasingly sophisticated imaging capabilities.
The expansion also positions the company to capitalize on growing markets for augmented and virtual reality applications, which require high-performance optical components.
