Samsung Display Co, a subsidiary of Samsung Electronics, has announced plans to invest $1.8 billion in a new factory in northern Vietnam, specifically in the Yen Phong industrial park located in Bac Ninh province, east of Hanoi. This facility will focus on the production of OLED (organic light-emitting diode) displays for automobiles and other technology equipment. The investment is part of Samsung's broader strategy to strengthen its production capabilities in Vietnam, where it already operates several facilities.

This new investment brings Samsung’s total investment in Bac Ninh province to $8.3 billion, up from the current $6.5 billion. The announcement came following a meeting between Vietnam’s Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung group in Vietnam. During the meeting, Bac Ninh authorities and Samsung Display also signed a memorandum of understanding to formalize the project.

Over the past decade, Vietnam has emerged as an attractive hub for electronics manufacturing, and Samsung has been at the forefront of this growth. The Samsung group has already established six manufacturing plants, a research and development center, and a sales entity in Vietnam, with a cumulative investment of $22.4 billion. This new OLED factory represents another significant step in Samsung's commitment to expanding its presence in the region.