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.