LG Display to invest $1 billion in Vietnam OLED plant
With the new investment, LG Display wants to ramp up OLED panel output after selling its LCD factory in China for USD 1.5 billion.
LG Display will inject another USD 1 billion into its factory in the northern port city of Haiphong, bringing the South Korean company’s total investment in Vietnam to over USD 5.5 billion.
The display factory, one of LG’s biggest projects in Vietnam, opened in 2017.
With the new investment, LG Display wants to ramp up OLED panel output after selling its LCD factory in China for USD 1.5 billion, according to media reports.
Haiphong industrial city is home to over 1,000 foreign-invested projects worth more than USD 32 billion, according to a report by AFP. South Korea is the biggest investor in the city, followed by China and Japan, the city said in a statement.
A few months ago, another South Korean company, Samsung Display, announced its own USD 1.8 billion plan to expand its OLED module production capacity in Vietnam, taking Samsung’s total investment in Vietnam to USD 22 billion.
In 2023, it was reported that China’s BOE also plans to construct an OLED module fab in Vietnam, which is turning into a major centre for OLED module production facilities.
LG Display has withdrawn from the large-size LCD market by selling its plant in China to TCL China Star Optoelectronics Technology in September.
