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Samsung Display will invest $1.8 billion in a new OLED production facility in northern Vietnam, further solidifying its position as a major investor in the country’s tech manufacturing sector, with overall investments now reaching $8.3 billion.
Samsung Display Co., a South Korean electronic company, has announced on Sunday that it intends to spend $1.8 billion in a factory in northern Vietnam this year. The project would make organic light-emitting diode (OLED) displays for automobiles and technology equipment.
Samsung Invests Heavily in OLED Manufacturing
According to Reuters, the new facility that will be used for the production of organic light-emitting diode (OLED) displays will be situated in the Yen Phong industrial park in Bac Ninh province, which is located east of Hanoi. Additionally, the facility will be situated in close proximity to an existing Samsung electronics plant.
New Bac Ninh Facility to Drive Production Growth
The government made this announcement in a statement that was issued after the meeting that took place between Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung Vietnam.
$8.3 Billion Total Investment in Bac Ninh
According to reports from the local media, on Sunday, authorities from Bac Ninh and Samsung Display signed a memorandum of understanding about the project. Additionally, the investment would bring Samsung's overall investment in Bac Ninh up to $8.3 billion, which is an increase from the present $6.5 billion.
Vietnam as a Global Tech Manufacturing Hub
As per US News, Vietnam has become one of the most desirable production hubs for technology companies over the course of the past ten years.
Choi claims that Samsung has made a total investment of $22.4 billion in Vietnam, which has resulted in the establishment of six production plants, one research and development center, and one sales entity.
