Samsung Invests $1.8 Billion in Vietnam's Bac Ninh Province to Expand OLED Manufacturing Capabilities and Strengthen Global Display Market Position
Samsung Display Co. has once again asserted its dominance in the Asian market. This time with an $8 billion injection to Vietnam to manufacture a new line of OLED products. This move will mark Samsung as the top emergent player in the technology arena along with research and development for the company in Vietnam.
The company’s manufacturing hub situated in the Yen Phong industrial park, Bac Ninh province, will produce cutting-edge organic light-emitting diode (OLED) displays for automobiles and technology equipment. This major investment by South Korean tech giant Samsung is being seen as a prominent move to solidify its standing as the leading electronics manufacturing hub.
The investment is a major strategic move as Samsung brought up its total investment in Bac Ninh to $8.3 billion, up from $6.5 billion. The project has received the seal of approval from Vietnam's Prime Minister Pham Minh Chinh, who met with Samsung Vietnam's General Director Choi Joo Ho.
Samsung’s move to increase production comes amidst the rising demand for OLED displays. With manufacturing being done in Vietnam, Samsung's investment is a testament to Vietnam's success in attracting foreign investment. On the other hand, this payment has also made Vietnam a sterling-growing economy with its electronics sector witnessing remarkable growth, with exports reaching $100 billion in 2022.
The partnership between Samsung and Vietnam is a well-thought and poised decision to capitalise on the trend of displays as well as steadily grow amongst major economies. This partnership is going beyond economic benefits too as the company is up for supporting local businesses, fostering innovation, and developing the country's human resources. Samsung's Vietnam-based research and development centre focuses on developing cutting-edge technologies, including 5G, AI, and IoT.
With this sparkling new infusion of cash, Samsung's investment in Vietnam continues to boost the country's status as a global tech player is cemented. Also favouring this partnership is Vietnam’s cheaper labour costs and favourable business climate along with a skilled workforce. Now, Vietnam is poised for sustained growth and innovation in the electronics sector.