Samsung Display Awards $805 Million Vietnam Order to South Korean Builder

Tuan Minh

09:10 01/07/2016

BizLIVE - South Korea’s Samsung C&T Corp has secured an $805 million contract awarded by Samsung Display.

Samsung Display Awards $805 Million Vietnam Order to South Korean Builder

A Samsung plant in Bac Ninh province. (Photo: Minh Tuan/BizLIVE)

South Korea’s Samsung C&T Corp said on June 30 that it has received an $805-million order to build a production facility in Vietnam for Samsung Display Co Ltd, according to Reuters.
Reuters quoted a person familiar with the matter as saying that Samsung Display, a subsidiary of Samsung Electronics Co Ltd, planned to invest $3 billion in Vietnam by 2020 to boost its display module production capacity in the country.
The South Korean conglomerate had previously committed $1 billion for an organic light-emitting diode (OLED) display module assembly plant in the northern province of Bac Ninh, home to two others Samsung facilities.
Samsung Display supplies parent Samsung Electronics with screens for smartphones and other products.
Samsung has pledged to invest more than $15 billion in Vietnam, aiming to turn Vietnam into a global manufacturing hub.
Samsung Electronics Vietnam (SEV) recorded a combined trade surplus of $21.5 billion over the last three years, including $3.9 billion in 2013, $6.5 billion in 2014 and $11.1 billion in 2015, contributing greatly to macroeconomic stability, according to Nguyen Van Giau, head of the National Assembly’s Economic Committee.