The Vietnamese government announced on the evening of November 14th that Vietnam has issued a license to South Korean panel manufacturer LG Display, which will increase its investment by $1 billion in the northern port city of Haiphong.
According to a document from the Vietnam Coastal Defense Economic Zone Management Bureau, this investment will increase LG Display's OLED panel production at the coastal defense factory and raise its total investment in Vietnam to 5.65 billion US dollars.
Recently, LG Display announced a comprehensive operating loss of KRW 80.6 billion for the third quarter, a significant improvement from the same period last year's loss of KRW 662.1 billion. Driven by the increase in shipments of small products such as mobile devices, the company's sales in the third quarter increased by 42.5% year-on-year, reaching 6.8213 trillion Korean won. Sales also increased slightly by 1.7% quarter on quarter.
LG Display has been committed to promoting a business structure centered around OLED technology. Compared to the third quarter of last year, the proportion of OLED products in total sales increased by 16 percentage points, reaching 58%. In the sales revenue divided by product categories, TV panels account for 23%, IT panels such as monitors, laptops, and tablets account for 33%, mobile panels and other products account for 36%, and automotive panels account for 8%.
LG Display plans to expand its business performance by promoting a business structure centered around OLED. The company's goal is to enhance profitability by improving operational efficiency and conducting cost innovation activities.
