BOE breaks ground on new plant in Vietnam

Display leader BOE Technology began constructing the second plant of its Vietnam facility in addition to announcing the Smart GOAL strategy.

According to Xinhua, MyDrivers, and Jiwei, on April 18, BOE broke ground on its phase 2 project in Vietnam's Phu My City, Ba Ria-Vung Tau. The factory, located in the Ho Chi Minh Industrial Zone, will see an investment of CNY2.02 billion (approximately US$278.94 million). Set to start mass production in 2025, it aims to produce 3 million TVs, 7 million displays, and 40 million ePaper displays. This initiative is expected to generate 4,000 jobs in Vietnam.

BOE chairman Chen Yanshun highlighted Vietnam's strategic importance for BOE's overseas growth and emphasized the smart device business as crucial for BOE's IoT transformation. BOE plans to strengthen its global presence and services through this project, aiming to deliver competitive products and quality services worldwide while building an industry ecosystem with partners.

During the ceremony, BOE unveiled its Smart GOAL strategy for smart devices, which encompasses technological advancements, global services, smart manufacturing, integrated supply chains, and environmentally friendly practices. It emphasizes using "Smart & AI" for future devices, offering "Global Launch & Service" across China, Vietnam, and Mexico, providing "One-stop" solutions for customers, enabling "Agile & Efficient" small-scale deliveries, and promoting "Low-carbon & Green" products through sustainable technologies and collaborations with over 200 green suppliers.

BOE, a leader in LCD, is ramping up investments in production expansion in China and abroad, particularly the OLED technology that its South Korea-based competitors still enjoy an advantage. The company announced an investment of CNY63 billion to set up a new OLED facility in Chengdu in January. According to IDC, BOE accounted for the largest market share in various LCD applications, including LCD TVs, LCD monitors, tablets, and portable PCs in 2023.

Source: IDC, April 2024