LG Display Co., a major display panel maker in South Korea, will make an additional $750 million investment in its plant in Vietnam, news reports showed Monday, as the company eyes expanding OLED panel productions.

The city of Hai Phong approved LG Display's latest investment plan for its plant in northern Vietnam, according to the Vietnam News Agency. The expenditure will bring LG Display's total investment for its project in the Vietnamese port city to $3.25 billion, it added.

LG Display is reportedly seeking to begin adding more OLED production facilities next month at the earliest. The company is expected to hire 5,000 more people, it added.

LG Display, the world's largest OLED TV panel maker, set up its Vietnamese OLED module plant in 2016.

According to market researcher Omdia, the world display market is likely to grow 13.8 percent to $139.8 billion this year, bolstered by the expansion of IT products and premium OLED products amid a pandemic-induced stay-at-home economy.

The global market for OLED panels was expected to soar 28.4 percent on-year on the back of rising demand for TVs and premium gadgets. (Yonhap)