Samsung Display, a unit of South Korea’s Samsung Electronics, will invest $1.8 billion in a new factory in northern Vietnam.
The facility, set to produce organic light-emitting diode (OLED) displays for automobiles and tech devices, will be located in the Yen Phong industrial park in Bac Ninh province, near Hanoi, Reuters news report said.
The announcement followed a meeting between Vietnam’s Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung’s operations in Vietnam. A memorandum of understanding for the project was also signed, increasing Samsung’s total investment in Bac Ninh to $8.3 billion, up from the current $6.5 billion.
Vietnam has become a key manufacturing hub for global electronics companies, and Samsung, which has already invested $22.4 billion in the country, operates six manufacturing plants, one R&D center, and one sales entity.
This investment marks another step in strengthening Vietnam’s role in the global electronics supply chain, particularly for OLED display production, which is crucial for modern automotive and tech industries.
Samsung Display (SDC) has posted revenue of KRW 7.65 trillion and operating profit of KRW 1.01 trillion for the second quarter of 2024.
In May 2024, Samsung Display revealed that it has delivered 1 million units of its premium QD-OLED display panels for monitors after launching its QD-OLED technology, which is spearheading the shift in the monitor market from LCD to OLED, two and a half years ago.
