Earlier rumors of Samsung launching handsets with foldable displays by as early as 2016 have now been followed by fresh reports of the Korean company's first foldable smartphone being in the early stages of development and internally codenamed Project Valley or Project V.

Foldable phones have long been tipped as the future of the mobile industry and Samsung had unveiled prototypes of its flexible OLED displays, dubbed YOUM displays, to investors at a private event in 2013. In late 2014, a "senior Samsung executive" had announced that after releasing its Edge smartphones, the South Korean company's next step would be to create devices with displays that can be "folded in half."

In March this year, an official from Samsung Display had announced that a truly foldable smartphone could be out in the market next year. In an interview with Business Korea, an unnamed Samsung Display had officially stated, "The industry believes that the commercialization of foldable smartphones will be possible in 2016." Samsung's display-making subsidiary has been gearing up to manufacture bendable panels and by the end of 2016, it could have a production capacity of 30,000 to 40,000 flexible displays per month.

The latest reports now claim that Samsung's Project Valley or Project V is the company's first dual-screen smartphone, possibly featuring a foldable form factor. The device, which will offer support for multiple gestures to allow users to switch between its two screens, is reportedly still in the initial stages of development.

Foldable phones will allow users to carry large displays in a compact, pocketable form and the technology will be especially suitable for bigger devices, such as tablets, as users will have more room to play around with. Once foldable smartphones become a reality, the same technology could be applied to e-books as well as ultra-portable laptops, making it possible for users to one day fold up their computer and slip it into their pockets.