Samsung to Invest in Vietnam

HANOI (Reuters) – South Korean electronic manufacturer Samsung Display Co plans to invest $1.8 billion for a factory this year in northern Vietnam to produce OLED displays for automobiles and technology equipment.

The new facility for the manufacture of organic light-emitting diode (OLED) displays will be located in Yen Phong industrial park in Bac Ninh province, east of Hanoi and close to an existing Samsung electronics plant. This announcement was made following a meeting between Prime Minister Pham Minh Chinh and the General Director of Samsung Vietnam, Choi Joo Ho.

Bac Ninh authorities and Samsung Display signed a memorandum of understanding for the project, with reports indicating that this investment will increase Samsung’s total investment in Bac Ninh to $8.3 billion, up from the current $6.5 billion.

Over the last decade, Vietnam has become one of the most attractive production hubs for electronics companies. According to Choi, Samsung has established six manufacturing plants, one research and development center, and one sales entity in Vietnam, with a cumulative investment of $22.4 billion.