Samsung Display to invest $1.8 billion in new OLED plant in Vietnam: Reports

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Samsung Display to invest $1.8 billion in new OLED plant in Vietnam: Reports

Published: 24 Sep. 2024, 10:25 Updated: 24 Sep. 2024, 15:09

LEE JAE-LIM
lee.jaelim@joongang.co.kr

Samsung Display booth at IAA Mobility 2023 in Munich, Germany [SAMSUNG DISPLAY]

Samsung Display plans to invest $1.8 billion to build a factory in northern Vietnam for organic light-emitting diode (OLED) displays used in automobiles and technology equipment, according to media outlets Reuters and VnExpress.

The reports state that the new plant will be located in the Yen Phong Industrial Park in Bac Ninh province, east of Hanoi, near Samsung’s existing facility.

On Sunday, Bac Ninh authorities and Samsung Display signed a memorandum of understanding (MOU) for the project.

A Samsung Display spokesperson declined to comment on details such as the investment amount or the timeline for the facility’s establishment.

With this new project, Samsung’s total investment in Bac Ninh will reach $8.3 billion.

Samsung is Vietnam's largest foreign direct investor with accumulated investments of $22.4 billion.

In total, the Korean electronics maker has six manufacturing facilities, one research and development center and one sales subsidiary in Vietnam, with more than 90,000 workers.

Samsung Electronics Executive Chairman Lee Jae-yong met with Vietnamese Prime Minister Pham Minh Chinh during the minister's visit to Korea in July. Lee emphasized the importance of the display sector country's goal of becoming “the world's largest display production hub” within the next three years during the meeting.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]