HANOI (Reuters) - 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 Korea’s LG Display will inject another $1 billion into its factory in Vietnam, local authorities said Friday, pushing the firm’s total investment in the country to more than $5.5 billion.

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.

LG Display, under South Korea’s chaebol LG, will invest $1 billion more in Vietnam’s northern coastal city of Hai Phong, scaling up its investment in the locality to $5.65 billion.

In a landmark move set to deepen economic ties between Vietnam and South Korea, LG Display has been granted an investment license by Vietnamese authorities to increase its investment in the Haiphong Economic Zone by $1 billion.

The Republic of Korea (RoK)’s LG Displays Co. Ltd has been licensed to raise its investment in a factory in Hai Phong city, northern Vietnam, by US$1 billion.

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.