Samsung Display to pour $1.8 billion into new OLED plant in Bac Ninh
Samsung Display to pour $1.8 billion into new OLED plant in Bac Ninh
Samsung Display is planning to invest $1.8 billion in an organic light-emitting diode (OLED) display factory in the northern province of Bac Ninh to bolster its worldwide manufacturing capabilities.
At a conference held on September 22, Samsung Display signed an MoU with Bac Ninh People's Committee for the display and electronic components manufacturing factory in Yen Phong Industrial Park.
Samsung Display started investing in Vietnam in 2014, mainly producing high-end OLED displays, with an initial investment of $1 billion. With a vision to turn Vietnam into its global manufacturing hub, Samsung Display has since increased its capital to $6.5 billion.
Samsung is Vietnam's largest foreign direct investor, with investments totalling $24.2 billion. After 16 years in Vietnam, Samsung now has six factories and a research and development centre based in the country.
After the conference, Prime Minister Pham Minh Chinh also had a meeting with Choi Joo Ho, general director of Samsung Vietnam.
Ho said, "For this investment, Samsung will implement OLED display production lines for automobiles and IT equipment besides OLED displays for smartphones. It is predicted that OLED displays for automobiles and IT equipment will account for 30 per cent of the global market share in the next five years."
"With this plan, Samsung Display estimates to generate $17 billion in revenue this year, which is expected to double after five years," he said.
In early July, Prime Minister Pham Minh Chinh also received Lee Jae Yong, executive chairman of Samsung Electronics, in Seoul as part of his official visit to South Korea. At the meeting, Yong said Samsung was planning strong investments in Vietnam over the next three years to make the country its biggest display module producer globally.
