Seoul Semiconductor has plans to build an LED and semiconductor production facility in Northern Vietnam, according to the Yonhap News Agency. The company has won a license to invest US$300 million in the construction of the 750,000-square-meter facility.
Last week, the provincial government of the Ha Nam province agreed to let Seoul Semiconductor build the production plant.
According to Seoul Semiconductor’s investment plan, a total of $300 million will go towards building the site by 2019.
The firm will use the site to conduct research, as well as produce LEDs and semiconductors, the Yonap News Agency reported.
“Vietnam was chosen because it will help us meet the global demand for LEDs and secure a competitiveness in production costs,” a Seoul Semiconductor official said to Yonhap.
Yonhap cited industry sources who predict that the Seoul Semiconductor’s move will sell components to other South Korean tech firms, which have already made inroads in Vietnam.