SEOUL, July 31 (Yonhap) -- Major home appliance maker LG Electronics Inc. is considering building a new research and development (R&D) center in Vietnam, industry sources said Friday, as it tries to expand its presence in the Southeast Asian market.
During a meeting between Vietnamese Prime Minister Nguyen Xuan Phuc and South Korean companies Wednesday, LG reportedly said it has a plan to build a new R&D center in Vietnam, according to the sources.
South Korea's No. 2 electronics company already runs a R&D center focused on its vehicle component solutions business in Hanoi.
LG said it is currently looking for candidate sites in Vietnam but has not confirmed detailed plans for the new center, such as its research field, size and construction period.
In 2014, LG set up a plant in Haipong, northern Vietnam, and has been fostering the facility as its global production base. LG Vietnam Haipong Campus produces home appliances, smartphones and in-vehicle infotainment components.
Industry insiders said LG's plan to build an additional R&D center appears to be aimed at boosting its Vietnam plant's competitiveness.