Vietnam has awarded a licence to South Korea's LG Display that will see it raise its investment in the northern port city of Haiphong by $1 billion, the city's authorities said late on Thursday.

South Korean electronics giant LG Display has been awarded a license that will raise the firm’s investment in Hai Phong by US$1 billion, the city's authorities said.

Vietnam has awarded a licence to South Korea's LG Display that will see it raise its investment in the northern port city of Haiphong by $1 billion, the city's authorities said late on Thursday. The investment will boost the company's OLED display output at its Haiphong factory and raise its total investment in Vietnam to $5.