Workers in a Samsung factory in Bac Ninh province. Photo: Tuoitrenews.vn
Display Vietnam (SDV) on February 24 received final approval from the Vietnamese government to invest an additional $2.5 billion in its AMOLED module plant in the northern province of Bac Ninh
, being the first multi-billion-USD project in Vietnam this year.
With the latest move, SDV will increase its investment in Vietnam to $6.5 billion and helps Samsung enhance its status of the No. 1 investor in Vietnam, according to the Dau Tu (Investment) newspaper.
SDV entered Vietnam in 2014 with a $1-billion project. The firm increased its investment in Vietnam to $4 billion a year later.
The newspaper cited industry insiders as saying that SDV’s expansion in Vietnam is aimed to serve Apple Inc.’s plan to incorporate AMOLED display to its products. Samsung now holds a 95% share of the AMOLED market globally.
Samsung has committed to invest $17.3 billion in Vietnam to date. Besides the $6.5 billion investment by SDV, the South Korean giant has invested $9.5 billion in the electronics business and $1.2 billion in the Samsung Electro-Mechanics project in Thai Nguyen