OCTOBERASIA BUSINESS OUTLOOK8NEWSROOMSAMSUNG LOOKS TO VIETNAM FOR OLED DISPLAY MANUFACTURINGSingapore has achieved a remarkable rise in the 2024 IMD World Talent Ranking (WTR), climbing to second place globally from its previous eighth position in 2023. This advancement positions Singapore as the highest-ranked country in Asia, showcasing its growing competitiveness in attracting and developing talent.The WTR evaluates countries based on three main factors: investment and development, appeal, and readiness. Singapore's standout performance came in the readiness category, where it ranked first, excelling in areas such as skilled labor, finance skills, and the availability of competent senior managers.In the appeal category, Singapore ranked fifth overall, with notable strengths in attracting foreign highly skilled personnel (2nd), managing brain drain (3rd), and the remuneration of management (4th). Its commitment to justice also ranked highly at 5th.However, the country ranked lower in the investment and development factor, coming in 22nd, though still showing strong performance in health infrastructure (2nd), employee training (4th), and apprenticeships (7th).Singapore's biggest challenges were its high cost-of-living index (ranked 63rd) and public expenditure on education, where it placed 65th.The report also highlighted the impact of artificial intelligence (AI) on talent competitiveness, with senior executives in countries like Singapore identifying AI as significantly influencing the workplace. AI is seen as both transforming jobs and acting as an equaliser between more and less competitive nations in terms of talent. Samsung Display Co, a subsidiary of Samsung Electronics, has announced plans to invest $1.8 billion in a new factory in northern Vietnam, specifically in the Yen Phong industrial park located in Bac Ninh province, east of Hanoi. This facility will focus on the production of OLED (organic light-emitting diode) displays for automobiles and other technology equipment. The investment is part of Samsung's broader strategy to strengthen its production capabilities in Vietnam, where it already operates several facilities.This new investment brings Samsung's total investment in Bac Ninh province to $8.3 billion, up from the current $6.5 billion. The announcement came following a meeting between Vietnam's Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung group in Vietnam. During the meeting, Bac Ninh authorities and Samsung Display also signed a memorandum of understanding to formalize the project.Over the past decade, Vietnam has emerged as an attractive hub for electronics manufacturing, and Samsung has been at the forefront of this growth. The Samsung group has already established six manufacturing plants, a research and development center, and a sales entity in Vietnam, with a cumulative investment of $22.4 billion. This new OLED factory represents another significant step in Samsung's commitment to expanding its presence in the region. SINGAPORE JUMPS TO SECOND SPOT FROM EIGHTH IN 2024 WTR LISTSEPTEMBERASIA BUSINESS OUTLOOK8
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