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Samsung Invests $1.8 Billion More in Vietnam for OLED Manufacturing Plant 

Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
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Samsung Invests $1.8 Billion More in Vietnam for OLED Manufacturing Plant 

Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)

South Korean electronic manufacturer Samsung Display Co plans to invest $1.8 billion for a factory this year in northern Vietnam to produce OLED displays for automobiles and technology equipment, the Southeast Asian country said on Sunday.

The new facility for the manufacture of organic light-emitting diode (OLED) displays will be located in Yen Phong industrial park in Bac Ninh province east of Hanoi and close to an existing Samsung electronics plant, the government said in a statement released after the meeting between Prime Minister Pham Minh Chinh and the General Director of Samsung Vietnam Choi Joo Ho.

Bac Ninh authorities and Samsung Display on Sunday also signed a memorandum of understanding of the project, local media reported, adding the investment would raise Samsung's total investment in Bac Ninh to $8.3 billion from the current $6.5 billion.

Vietnam has over the last decade emerged as one of the most attractive production hubs for electronics companies.

According to Choi, Samsung has established six manufacturing plants, one research and development center, and one sales entity in Vietnam, with a cumulative investment of $22.4 billion.

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Europe's AI Gigafactory Push Attracts 76 Bids, EU Tech Chief Says

Executive Vice-president of the European Commission for Technological Sovereignty, Security and Democracy Henna Virkkunen attends a press point on the Communication on the EU Action Plan on Cable Security, Helsinki, Finland, February 21, 2025. Lehtikuva/Emmi Korhonen via REUTERS /File Photo
Executive Vice-president of the European Commission for Technological Sovereignty, Security and Democracy Henna Virkkunen attends a press point on the Communication on the EU Action Plan on Cable Security, Helsinki, Finland, February 21, 2025. Lehtikuva/Emmi Korhonen via REUTERS /File Photo
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Europe's AI Gigafactory Push Attracts 76 Bids, EU Tech Chief Says

Executive Vice-president of the European Commission for Technological Sovereignty, Security and Democracy Henna Virkkunen attends a press point on the Communication on the EU Action Plan on Cable Security, Helsinki, Finland, February 21, 2025. Lehtikuva/Emmi Korhonen via REUTERS /File Photo
Executive Vice-president of the European Commission for Technological Sovereignty, Security and Democracy Henna Virkkunen attends a press point on the Communication on the EU Action Plan on Cable Security, Helsinki, Finland, February 21, 2025. Lehtikuva/Emmi Korhonen via REUTERS /File Photo

Seventy-six companies have bid to develop Europe's artificial intelligence gigafactories, the EU's tech chief said on Monday, hailing a bigger than expected response to the bloc's push to catch up with the US and China in this key technology.

The European Commission made the announcement four months after it allocated 20 billion euros ($23 billion) in EU funding for the construction of four AI gigafactories across the bloc.

Such facilities, in essence large-scale AI computing and data storage hubs, will be equipped with about 100,000 state-of-the-art AI chips, Reuters reported.

"We got 76 submissions proposing to set up AI gigafactories in 16 member states and across 60 different sites," EU tech chief Henna Virkkunen told a press conference.

"And this exceeds far beyond our expectations and this showcases Europe's growing momentum and enthusiasm for innovating in AI in Europe," she said, declining to name the companies because of business confidentiality information.

The EU executive said applicants included EU and non-EU companies, among them tech giants, data centre operators, telecoms providers, power suppliers and financial investors.

"Together they have now indicated plans to acquire at least 3 million latest generation of AI processors (GPUs) in total," Virkkunen said. The Commission will launch an official call for setting up the AI gigafactories at the end of the year.