South Korean electronics maker Samsung Display plans to invest $1.8 billion this year to build a plant for the production of OLED displays for cars and technological equipment, which will be located in the Yen Phong Industrial Park in Bac Ninh province in northern Vietnam, Reuters writes, citing a statement from the Vietnamese government. , published Sunday.
Image Source: Samsung Display
The investment agreement was reached during a meeting between Vietnamese Prime Minister Pham Minh Chinh and Samsung Vietnam CEO Choi Joo Ho.
According to local media, Bac Ninh authorities and Samsung Display also signed a memorandum of understanding on Sunday for the project, which will increase Samsung’s total investment in Bac Ninh to $8.3 billion from the current $6.5 billion.
Over the past decade, Vietnam has emerged as one of the most attractive manufacturing hubs for electronics companies, Reuters noted. According to the CEO of Samsung Vietnam, the South Korean company has opened six manufacturing plants, one research and development center and one sales office here with a total investment of $22.4 billion.
Earlier, the American supplier of equipment for the production of chips, Lam Research, announced plans to locate production in Vietnam.