South Korea’s LG Display invests $1B to expand OLED production in Haiphong! Total investment hits $5.65B
South Korean tech giant LG Display won approval to invest US$1 billion in developing its OLED production in Haiphong, Vietnam. The strong vote of confidence for the country translates to a total investment of US$5.65 billion and even further confirms that Haiphong is the centre of high-tech manufacturing in Southeast Asia.
Funds will boost the output of OLED at LG Display's factory in the Haiphong Economic Zone, which occupies a critical position in the global supply chain for advanced screen technologies. With the most spectacular presentations and high efficiency in energy usage, OLEDs are becoming invaluable for modern devices like smartphones, TVs, and cars.
Haiphong will receive state-of-the-art upgrades that will be channelled towards new machinery and optimized infrastructure. The expansions will make the LG Display facility one of the most contemporary within the firm's global chain.
This development reflects the attractiveness of Vietnam as a manufacturing destination that is turning to become high-tech. It fits in with the government's stress on technology-based export and workforce development in science, engineering, and technology. Haiphong already boasts of a skilled workforce, and this will propel the economy forward.
Expansion, also, creates new jobs from the manufacturing level up to engineering jobs. Thousands of workers already employed at the factory would join more as the project progresses. The expansion will also benefit local suppliers and service providers since it also contributes to the boost of the regional economy.
The strong partnership of Vietnam with South Korea has been driving such investments. Companies like LG and Samsung have played the most crucial role in bringing Vietnam's manufacturing sector into the standards of the international market. The business-friendly reforms and incentives offered by the Vietnamese government have attracted foreign investors even more.
In this regard, LG Display's US$1 billion expansion bolsters Vietnam's position as the most favoured destination for the technology titans while further fortifying ties with South Korea, one of the country's largest investors.