Samsung Display Co., a South Korean electronics maker, intends to invest $1.8 billion in a manufacturing facility this year in northern Vietnam to manufacture OLED displays for vehicles and other devices.
The government announced in a statement following the discussions between Prime Minister Pham Minh Chinh and the General Director of Samsung Vietnam, Choi Joo Ho, that the new plant for the production of organic light-emitting diode (OLED) displays will be situated in the Yen Phong industrial park in Bac Ninh province, east of Hanoi, and near an existing Samsung electronics plant.
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According to local media, Samsung Display and Bac Ninh authorities signed a memorandum of understanding for the project. With this investment, Samsung’s overall investment in Bac Ninh will increase to $8.3 billion from its existing $6.5 billion.
Over the past ten years, Vietnam has been one of the most alluring production locations for electronics manufacturers.
Choi claims that Samsung has invested a total of $22.4 billion in Vietnam by establishing six production facilities, one R&D facility, and one sales company.
