South Korea-based Samsung Display Co will invest $1.8 billion in a manufacturing facility in Vietnam to produce organic light-emitting diode (OLED) displays for automobiles and technology devices, Vietnamese authorities announced Sunday. The facility will be located next to an existing Samsung factory in Bac Ninh province east of Hanoi.
Vietnam’s Prime Minister Pham Minh Chinh hosted a reception where he welcomed foreign business leaders, including Samsung executives, to discuss the country’s foreign investment landscape.
PM Chinh spoke with Samsung Vietnam General Director Choi Joo Hoo at the reception and welcomed the company’s interest in Vietnam. According to local media, he said Samsung’s series of investments illustrates the strength of economic ties between Vietnam and South Korea.
Chinh also met with CEO of Taiwan’s Phy My Hung Holdings Group Gary Tseng, general manager of AEON Mall Vietnam Nakagawa Tetsuyuki and other business leaders. AEON’s newest mall in Vietnam opened last Saturday (Sept 21).st).
Samsung already has six production sites, a research and development center and a sales organization in the country. The company’s cumulative investment in Vietnam is $22.4 billion.
In July, Vietnam’s Ministry of Planning and Investment finalized a plan to attract FDI ahead of the introduction of a global corporate tax rate of 15%. The country has long been a major destination for FDI due to its location, stable politics, educated workforce and low labor costs.
“Samsung to invest nearly $2 billion in Vietnam” was originally conceived and published by Investment Monitor, a brand of GlobalData.
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