September 24, 2025 /SemiMedia/ — LG Innotek said its new V3 camera module plant in Haiphong, Vietnam, has begun operations, marking a major expansion of its global manufacturing network. The company announced the project in July 2023 and plans to invest 1.3 trillion won by the end of 2025.

With the launch of the facility, LG Innotek said its global camera module capacity has doubled, helping diversify its production base against rivals Foxconn and Cowell.

The company already runs plants in Gumi and Paju, South Korea, where the Paju site focuses on advanced modules. In contrast, the new Vietnam facility will concentrate on high-volume standard modules, which are expected to account for 70% to 80% of LG Innotek’s total output within two to three years.

Camera modules make up about 80% of the firm’s revenue. However, profit margins have fallen under price pressure from Apple and competition from Cowell, declining from 8% in 2021 to 3% in 2024.

Despite the squeeze, LG Innotek remains Apple’s largest camera module supplier and said it will defend its market position, leveraging its expanded Vietnam operations to strengthen competitiveness.