Samsung Display expand its factory in Bac Ninh
Samsung Display unit will expand its factory in Bac Ninh late 2021. The goal is to put it into operation at the end of 2021 or early 2022 at the latest. After the expansion, Samsung will be able to produce 25 million Z Fold and Z Flip units/year. Samsung’s decision to expand the factory is mainly due to high market demand. The third-generation folding model recorded 920,000 pre-orders in Korea. This number is 1.8 times higher than the previous Galaxy S21 model. The number of pre-orders for the Z Fold and Z Flip duo in China is up to nearly two million. The number of pre-orders in the US also surpassed the previous model.
Factories producing folding screen devices have been operating at full capacity. Samsung has no choice but to expand its facilities. “Samsung will lead the smartphone industry. Folding phones will become familiar and popular globally,” Kim Ji San said. He is the leader of research team Kiwoom Securities. In Vietnam, Samsung currently has six factories, and is building a research and development center.
LG Display project in Hai Phong has received two capital additions in 2021
The LG Display Hai Phong project continues to receive an additional $1.4 billion in investment in 2021. The Hai Phong Economic Zone Authority on the morning of August 31, 2021 has certified this capital increase of LG Display Vietnam Hai Phong. LG Display therefore raised its investment capital to $4.65 billion. The company became the largest foreign investor in this locality. This is the second time in 2021 LG Display Vietnam Hai Phong has received additional capital. Before that, in February 2021, the company was added $750 million. With these two additional investments, LG Display Hai Phong also has the highest foreign investment capital in this city.
LG Display will increase production of plastic OLED screens from 9.6-10.1 million to 13-14 million units/month. Export revenue is expected to increase by about 6.5 billion USD/year. The budget is expected to add about $25 million. With that, this project will create more jobs for 10,000 workers. LG Display Hai Phong is located in Trang Due industrial park. The project was certified for the first time in April 2016 with a total capital of $2.5 billion. The factory specialises in manufacturing OLED TV screens, plastic OLEDs for mobile devices, LCD screens, etc.
Sources of information include Hai Phong Portal and The Korean Economics Daily.