South Korea’s Samsung Display Co. intends to invest $1.8 billion in a project to build a factory in the northern part of Vietnam.

It is known that the new production site will be used for the process of making organic light-emitting diode (OLED) displays, intended for subsequent use in automobiles and technology equipment. The statement on the investment intentions of the South Korean manufacturer was made last Sunday, September 22.

The new production site will be located in the Yen Phong шndustrial зark in the province of Bac Ninh, east of Hanoi. It is worth noting that one Samsung factory is already operating in this district.

The Vietnamese government released a statement on the construction of the new plant after the meeting between Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung group in this country.

Samsung Display is one of the units of the South Korean manufacturer. This structural arm of the company and the Bac Ninh authorities signed a memorandum of understanding on Sunday regarding the project for the construction of a new plant. According to Vietnamese media, the next investment will increase the total volume of Samsung’s financial injections into the mentioned province to $8.3 billion from the current $6.5 billion.

It is worth noting that over the past ten years, Vietnam has significantly strengthened its position as a manufacturing hub. This country seeks to cooperate with companies that specialize in making products related to the electronics category.

Choi Joo Ho stated that Samsung already has six production sites, one sales entity, and one research and development center in Vietnam.

As we have reported earlier, Samsung to Acquire Startup Oxford Semantic.