LG Display to invest $750 million more, hire additional 5,000 for Vietnamese plant

South Korea's LG Display Co. will make an additional US$750 million investment in its Hai Phong, Vietnam plant to expand its OLED panel productions next month at the earliest.

The additional funding will bring LG Display's total investment for its Vietnamese plant to $3.25 billion. The northern Vietnamese city has approved LG Display's latest investment plan for its plant.

The world's largest OLED TV panel maker is expected to hire 5,000 more people for the Vietnam plant.

LG Display set up its Vietnamese OLED module plant in 2016.

The world display market is forecast to grow 13.8 percent to $139.8 billion this year, bolstered by the pandemic-induced rising demand for IT products and premium OLED products.

The global market for the industry was expected to surge 28.4 percent on-year.