Samsung Display officially received an investment licence on February 24 for its 2.5 billion USD expansion project in Yen Phong Industrial Park, the northern province of Bac Ninh.
Workers at a Samsung factory (Illustrative image. Source: VNA)
Hanoi (VNA) 𝓰- Samsung Display officially received an investment licence on February 24 for its 2.5 billion USD expansion project in Yen Phong Industrial Park, the northern province of Bac Ninh.
The Government gave the expansion the preferential treatment of a large-scale project.
Through the expansion, Samsung Display will officially increase its investment in Vietnam to 6.5 billion USD. It is also the first billion-dollar project in the country this year.
Samsung Display started construction of display panel production facilities in late 2014 on unused land at Samsung Electronics’ plant in Bac Ninh, with initial investment of 1 billion USD. It began production in March 2015 and increased its investment to 4 billion USD.
The organic light-emitting diode (OLED) display modules produced in the province are used to supply Samsung Electronics’ manufacturing plants located in both Bac Ninh and Thai Nguyen (another northern province).
Industry insiders said the move is in response to growing demand for smart phone display panels, the biggest growth segment in the display business, especially the smart phone segment.
Samsung is the only group in the world with the exclusive technologies and adequate capacity for AMOLED production. The Republic of Korea firm holds up to 95 percent of the global AMOLED display market share, with an average capacity of around 200 million products a year.
With the new investment, Samsung continues its role as the largest foreign investors in the country. The expansion also dispelled concerns that Samsung would halt investment plans in Vietnam after its recent incidents, the Dau Tu (Investment) Newspaper reported.
Samsung has committed to invest more than 17.3 billion USD in Vietnam: including the 6.5 billion USD Samsung Display, the 9.5 billion USD Samsung Electronics Complex in Thai Nguyen, Bac Ninh (2.5 billion USD) and HCM City (2 billion USD).
In addition, the group also has the 1.2 billion USD Samsung Electro-Mechanics project in Thai Nguyen. — VNA
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Workers at a Samsung factory (Illustrative image. Source: VNA)
