Samsung Display Co of South Korea plans to invest $1.8 billion in a factory in northern Vietnam to produce OLED displays for automobiles and technology equipment, as announced by the Southeast Asian country on Sunday.
The new facility, which will manufacture organic light-emitting diode (OLED) displays, will be located in the Yen Phong industrial park in Bac Ninh province, east of Hanoi, and close to an existing Samsung Electronics plant, according to a statement released after a meeting between Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung group in Vietnam.
Samsung Display is a unit of Samsung Electronics, the flagship of the Samsung group. Bac Ninh authorities and Samsung Display also signed a memorandum of understanding for the project on Sunday, with local media reporting that the investment would raise the Samsung group’s total investment in Bac Ninh to $8.3 billion from the current $6.5 billion. The Samsung group did not immediately respond to a request for comment.
Vietnam has emerged as one of the most attractive production hubs for electronics companies over the last decade. According to Choi, the Samsung group has established six manufacturing plants, one research and development centre, and one sales entity in Vietnam, with a cumulative investment of $22.4 billion.