South Korean display giant LG Display (LGD) has announced an additional $1 billion investment in its facilities in Haiphong, Vietnam, bringing its total investment in the region to $5.65 billion. This project, one of LG’s largest in Vietnam, should have a monthly production capacity of 14 million OLED displays. LGD began operations in Haiphong in 2016 with an initial investment of $1.5 billion. Prior to this latest investment, the facility employed 22,000 workers and generated $5.8 billion in annual export revenue for Vietnam.
In addition to LGD’s expansion, Vietnam awarded investment certificates for 11 other projects in Haiphong, totaling $800 million. Among these is an additional $125 million investment by Korean company Heesung Electronics Vietnam (established in 2015 by its Korean parent company) , raising its total investment to $279 million. The project will focus on producing and assembling LCD module components, with an annual capacity of 10.5 million units, creating nearly 400 jobs and $100 million in export revenue for Vietnam’s economy.
Samsung Display is also investing in Vietnam. Just last September, Samsung Display announced an $1.8 billion investment to build an OLED module factory in Bac Ninh province, near Samsung Electronics’ existing facilities. This new factory will increase Samsung Group’s cumulative investment in Bac Ninh from $6.5 billion to $8.3 billion, an increase of 28%.
