Samsung Display Co, a prominent South Korean electronics manufacturer, is poised to invest $1.8 billion in a new factory in northern Vietnam dedicated to producing OLED displays for automotive and technology applications. This announcement was made during a meeting between Prime Minister Pham Minh Chinh and Samsung Vietnam’s General Director, Choi Joo Ho.
The new facility will be established in the Yen Phong industrial park in Bac Ninh province, east of Hanoi, conveniently located near an existing Samsung electronics plant. A memorandum of understanding regarding the project was signed between Bac Ninh authorities and Samsung Display, marking a significant increase in Samsung’s total investment in Bac Ninh to $8.3 billion, up from the current $6.5 billion.
This investment comes at a time when Vietnam is rapidly emerging as a key player in the global electronics supply chain. Over the past decade, the country has attracted numerous foreign companies seeking to diversify their manufacturing bases. Factors contributing to this trend include Vietnam’s strategic geographic location, a young and skilled workforce, and favorable trade agreements.
According to Choi, Samsung has already established six manufacturing plants, one research and development center, and one sales office in Vietnam, with a cumulative investment of $22.4 billion. The company’s expansion reflects its commitment to leveraging Vietnam’s capabilities, particularly as demand for OLED technology continues to rise in various sectors, including consumer electronics and automotive industries.
Additionally, this new investment is expected to create thousands of jobs in the region, further bolstering the local economy and enhancing Vietnam’s reputation as a vital hub for high-tech manufacturing. The Vietnamese government has been actively encouraging such investments as part of its broader strategy to promote industrialization and technological advancement in the country.
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