Samsung Display Vietnam has been approved to invest an additional $2.5 billion in its expansion project located in Bac Ninh province.
Korean electronics giant Samsung Electronics is pushing through with its plan to expand in Vietnam's northern province of Bac Ninh.
In February, Samsung Display Vietnam received a certificate to invest an additional $2.5 billion in its expansion project located in the Yen Phong Industrial Park, Dantri International News reported. This marks the second time Samsung has expanded its Samsung Display project in Bac Ninh.
Samsung Display first invested in Vietnam in 2014 with $1 billion, but the company raised the capital to $4 billion a year later. To date, Samsung Display's total investment in Vietnam has already reached $6.5 billion, according to the provincial Department of Planning and Investment.
The Yen Phong Industrial Park manufactures smartphones, tablets and computers for Samsung, and also supports Samsung Electronics' manufacturing plants located in both Bac Ninh and Thai Nguyen provinces. Experts believe that Samsung Display's expansion in Vietnam may be related to Apple's plan to switch to AMOLED screen.
Samsung has recorded a total of $17.3 billion investment in Vietnam. Aside from Samsung Display's $6.5 billion, the Korean electronics giant also invested $5 billion in Thai Nguyen, $2.5 billion in Bac Ninh and $2 billion in Ho Chi Minh City. Samsung also invested $1.2 billion in the Samsung Electro-Mechanics project in Thai Nguyen.