Samsung to invest additional $1.8 bln for making OLED products in Vietnam

Samsung Display Vietnam (SDV) will invest $1.8 billion in making OLED (organic light-emitting diode) products for information technology (IT) equipment and vehicles in Vietnam.

It already makes OLED products for mobile phones in the country.

Choi Joo Ho, general director of Samsung Vietnam, revealed the latest plans at a Wednesday meeting with Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc.

Samsung expected the project to help boost its revenue as well as socioeconomic growth of Bac Ninh province, he said.

Samsung was cooperating with Bac Ninh authorities to deploy the project at the Yen Phong Industrial Park. In September, provincial authorities and SDV signed a memorandum of understanding on the project, Choi noted.

Samsung Vietnam was committed to expanding its activities and overcoming challenges in Vietnam, the executive added.

Deputy Minister Ngoc said her ministry and the government would facilitate long-term business operations of foreign investors and called on Samsung to further invest in transforming Vietnam into a global hub for the South Korean tech giant.

In discussions on cooperation in the semiconductor sector, she said the Vietnamese government has issued many policies to utilize the country’s advantages and sought collaboration with global giants including Samsung to develop the sector and train a high-quality workforce.

Four major Vietnamese subsidiaries of Samsung Electronics reported combined revenues of KRW42,017.3 billion ($31.38 billion) in the first half of 2024, up 8.6% year-on-year, but post-tax profits decreased 2% to KRW2,939.7 billion ($2.2 billion).

Samsung Display Vietnam (SDV) posted post-tax profits of KRW379.72 billion ($283.6 million) on revenues of KRW9,109.7 billion ($6.8 billion), down 33.4% and 10.81% year-on-year, respectively.