Samsung to Invest $1.8Billion in Vietnam for New OLED Factory

TapTechNews September 23rd news, according to the Voice of Vietnam, on the afternoon of September 22nd, representatives of the Bắc Ninh provincial government of Vietnam signed a memorandum of understanding for a screen and electronic component development project with Samsung Display.

It is reported that Samsung Display will invest $1.8 billion (TapTechNews note: currently about 12.696 billion yuan) to build a new OLED factory, located near the Samsung Electronics factory in the An Phong Industrial Park in Bắc Ninh Province.

According to reports, the Samsung Group began to invest in Bắc Ninh Province, Vietnam in 2008, with an initial capital of $670 million (currently about 4.726 billion yuan). After more than ten years of development, Samsung has become the largest foreign direct investor in Vietnam, with a total investment of more than $22.4 billion (currently about 15.7997 billion yuan), and the investment covers local provinces such as Bắc Ninh and Thái Nguyên and Ho Chi Minh City. Among them, nearly 50% of the investment is concentrated in Bắc Ninh.

Samsung plans to increase its investment in Vietnamese factories in the next three years and build it into the world's largest display module production base.

In addition to Samsung Display, Samsung Electronics also operates a manufacturing factory in Bắc Ninh Province. Currently, the output of Samsung's mobile phones in Vietnam accounts for more than 50% of its global total output.