LG Innotek Boosts Camera Module Production with Vietnam Plant Expansion
LG Innotek has completed the expansion of its digital camera plant in Hai Phong, Vietnam, commencing commercial operations at the new V3 facility. The company aims to supply major smartphone makers with stable volumes of digital camera modules, diversifying its production sites to compete with rivals Foxconn and Cowell.
LG Innotek's CEO expects profitability in the digital camera module segment to improve in the first half of 2024, following the completion of the V3 plant in the third quarter of 2023. The new plant spans 150,000 square meters, doubling LG Innotek's digital camera module production capacity in Vietnam.
The expansion is part of LG Innotek's pledge to invest $1 billion in Vietnam by the end of 2025. Despite competition from Foxconn and Cowell, LG Innotek remains Apple's largest digital camera module supplier. LG Innotek's key plants in Vietnam recorded a total revenue of KRW14.99 trillion ($10.77 billion) in 2024.
LG Innotek's V3 plant expansion in Vietnam is set to enhance the company's competitiveness in the digital camera module market. With improved production capacity and stability, LG Innotek is well-positioned to maintain its leading role as Apple's primary digital camera module supplier and cater to other major smartphone makers.
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