June 5, 2026 - According to Korean media reports, LG Display (LGD) has signed an investment cooperation agreement with the government of Hai Phong, Vietnam. The agreement marks a follow-up step in the company's long-term investment strategy aimed at ensuring the stable operation and future growth of its OLED module manufacturing facilities.
According to the Hai Phong People's Committee, LG Display signed a Memorandum of Understanding (MOU) with the city government on June 4 at LG Science Park in Magok, Seoul. Through the agreement, LG Display further strengthened its strategic partnership with Hai Phong and reinforced the competitiveness of its OLED business.
LG Display previously announced plans to invest US$1 billion in its Hai Phong manufacturing complex by 2028. The investment will provide essential operating capital for the OLED module plant, enabling the company to respond more quickly to new product launches while maintaining stable production capacity.
To support the long-term investment project, LG Display obtained an Investment Registration Certificate (IRC) from the Hai Phong People's Committee in November 2024.
The Hai Phong facility has become a critical hub for LG Display's global OLED operations. The company established its subsidiary in Hai Phong in 2016 and began operating a display module assembly plant the following year. Since then, LG Display has continued to expand its investment in the region.
In 2018, the company invested US$1.5 billion to expand manufacturing capacity. In 2020, it invested an additional US$750 million to further enlarge the facility and restructure operations around OLED production.
More recently, in 2024, LG Display allocated 560 billion Korean won from the proceeds of its Guangzhou LCD factory sale-valued at approximately 2.2446 trillion won-to upgrade module manufacturing processes at the Hai Phong plant.
Including the newly announced US$1 billion investment, LG Display's cumulative investment in its Hai Phong operations has now exceeded US$5.6 billion, underscoring the company's commitment to strengthening its OLED supply chain and manufacturing capabilities in Southeast Asia.
Industry observers believe the continued expansion of the Hai Phong facility reflects LG Display's broader strategic shift away from LCD production and toward higher-value OLED technologies, particularly as global demand for OLED panels in televisions, smartphones, automotive displays, IT devices, and emerging applications continues to grow.
