Samsung to Invest US$1.8 Billion in Vietnam for OLED Manufacturing Expansion
Samsung Display Co plans to invest US$1.8 billion in a new OLED manufacturing facility in Vietnam. The investment will be focused on the production of OLED displays for automotive and technology equipment. Samsung's total investment in Bac Ninh will rise to $8.3 billion.
The Southeast Asian country confirmed this significant move on Sunday, revealing that the new facility will be located in the Yen Phong industrial park in Bac Ninh province, near Hanoi, and close to an existing Samsung Electronics plant.
The announcement followed a meeting between Prime Minister Pham Minh Chinh and Choi Joo Ho, General Director of the Samsung Group in Vietnam. Samsung Display, a subsidiary of Samsung Electronics, is leading the strategic investment in Vietnam's OLED manufacturing sector.
Local reports indicated that Bac Ninh authorities and Samsung Display formalised their commitment to the project by signing a memorandum of understanding. This latest investment is expected to elevate Samsung group's total financial commitment in Bac Ninh to US$8.3 billion, up from the current US$6.5 billion.
Vietnam has emerged as a key production hub for electronics companies over the past decade, attracting major players like Samsung. According to Choi, Samsung group has already established a strong presence in Vietnam, with six manufacturing plants, a research and development centre, and a sales entity, amounting to a cumulative investment of US$22.4 billion.
In response to queries, the Samsung group has not provided immediate comments on this latest investment initiative in Vietnam.
Samsung Display Co to invest US$1.8 billion in new OLED manufacturing facility in Vietnam
Investment to focus on producing OLED displays for automotive and technology equipment
Samsung group's total investment in Bac Ninh to increase to US$8.3 billion
Source: REUTERS