A $1.8 billion investment to manufacture an organic light-emitting diode (OLED) display factory in Vietnam has been announced by Samsung Display, a major step towards strengthening its worldwide manufacturing capabilities.
Following a meeting between Samsung Vietnam General Director Choi Joo Ho and Prime Minister Pham Minh Chinh, the government released a statement confirming this investment plan.
The foreign investment panorama of Vietnam was discussed during a reception given by Prime Minister Pham Minh Chinh, who received executives from Samsung among other foreign business leaders.
Samsung Display and Bac Ninh authorities signed a memorandum of understanding on Sunday 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.
According to reports from local media VN Express and Reuters, Samsung Display Vietnam and the Bac Ninh Province government signed the memorandum of understanding (MOU) for this investment on September 22.
The new factory will be placed in the Bac Ninh Province’s Yen Phong Industrial Park near the current Samsung Electronics facility.
Chairman Lee Jae-yong emphasized Samsung’s commitment to Vietnam during his meeting with Prime Minister Pham Minh Chinh, stating, “As the largest foreign investor and largest exporter in Vietnam, we will always accompany Vietnam.”
He further added, “We plan to invest in the display sector as well, and in three years, it will become the world’s largest display production base.”
With $22.4 billion spent in Vietnam to date, Samsung is the largest foreign direct investment (FDI) corporation in the nation. The organization employs about 90,000 people through its six production facilities, one R&D centre, and one sales subsidiary in Vietnam.
Samsung now operates six production facilities, one R&D facility, and a sales organisation in the nation. The total amount of money the business has invested in Vietnam is $22.4 billion.
We earlier reported that in light of the development of artificial intelligence, Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics Co. are discussing constructing sizable new factories in the United Arab Emirates.
