South Korean based Samsung will invest $1.8bn in a manufacturing plant in Vietnam to produce organic light-emitting diode (OLED) displays for automobiles and technology equipment, Vietnamese authorities announced on Sunday. It will be located adjacent to an existing Samsung plant in the Bac Ninh province east of Hanoi.
Vietnam’s Prime Minister Pham Minh Chinh hosted a reception where he welcomed foreign business leaders, including executives from Samsung, to discuss the country’s foreign investment landscape.
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PM Chinh spoke with Samsung Vietnam’s General Director Choi Joo Hoo at the reception and welcomed the company’s interest in Vietnam. According to local media, he said that Samsung’s string of investments exemplifies the strength of economic ties between Vietnam and South Korea.
Chinh also met with the CEO of Taiwan’s Phy My Hung Holdings Group Gary Tseng, General Director of AEON Mall Vietnam Nakagawa Tetsuyuki, and other business leaders. AEON’s latest shopping mall in Vietnam was inaugurated this past Saturday (September 21st).
Samsung already has six manufacturing plants, one research and development centre and a sales entity in the country. The company’s cumulative investment in Vietnam adds up to $22.4b.
In July, Vietnam’s Ministry of Planning and Investment was finalising a plan to attract FDI ahead of the implementation of the 15% global corporate tax. The country has long been a prime destination for FDI because of its location, stable politics, upskilled workforce and low labour costs.
