LG Display has announced that the company has signed a deal with the city government of Hai Phong, the third-largest city in Vietnam, to build a display module factory there.
The Korean display firm will first spend US$100 million to establish a local office in the city and begin construction of the factory later this year. It will start operating the factory next year.
LG Display currently runs manufacturing factories for display modules in Paju and Gumi in Korea; Guangzhou, Nanjing and Yentai in China; and Wroclaw in Poland.
The plan to build the new manufacturing facility in Vietnam aims to expand the firm's future display businesses, including the company's OLED technology, according to the LG Group affiliate.
The LG Display CPO met with the Vietnamese city's top officials including Chief Secretary Le Van Thanh at the signing ceremony of the memorandum of understanding. Le Van Thanh has pledged to provide full administrative and institutional support for LG Display's project, the company said.
Figure: LG Display - Signing ceremony of the memorandum of understanding
Jeong Cheol-dong, Chief Production Officer LG Display, "Vietnam’s business environment is favourable toward foreign investment and will help improve LG Display's competitiveness in production."