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Samsung Vice Chairman Lee Promises to Make Long-term Investment in Vietnam
Samsung Commits to Invest in Vietnam
Samsung Vice Chairman Lee Promises to Make Long-term Investment in Vietnam
  • By Kim Eun-jin
  • October 31, 2018, 16:02
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Samsung Electronics vice chairman Lee Jae-yong (left) shakes hands with Vietnamese Prime Minister Nguyen Xuan Phuc at the latter's office in Hanoi, Vietnam on Oct. 30.

Samsung Electronics vice chairman Lee Jae-yong has pledged to make long-term investment in Vietnam.

"Samsung has invested in many countries, but there were not many countries like Vietnam that listened to our proposals and solved our problems," said Lee during a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi on Oct. 30 (local time).

"When I return to Korea, I will convene a staff meeting to review whether there are other areas where we can invest in Vietnam as the prime minister suggested," local media quoted Lee as saying.

"Samsung also has experience in e-government field and is willing to provide support to Vietnam," he said.

Lee said the development of Vietnamese parts suppliers and the rise in parts localization ratio is exactly what Samsung wants to see. He added that Samsung is not only focusing on production investment in Vietnam but also investing in R&D in Vietnam and working with Vietnamese companies in the field of manpower and parts supply.

Earlier, Prime Minister Phuc asked Samsung to continue expanding its business size and scope so that Vietnam can become not only Samsung's largest production base in the world but also its largest strategic hub.

He also asked Samsung to expand support for Vietnamese parts industries so that Vietnamese companies can participate in its parts supply chain. He also wanted Samsung to help Vietnam develop such sectors as semiconductors, infrastructure, finance, and information technology.

After asking for support from Samsung in building e-government, the Vietnamese prime minister said, "We will continue to create favorable conditions so that Samsung can succeed in Vietnam."

The meeting was also attended by Samsung Display president Lee Dong-hoon and high-ranking Vietnamese officials, including Deputy Minister of Planning and Investment Vu Dai Thang and Deputy Minister of Finance Vu Thi Mai.

Lee left for Hanoi, Vietnam, on a chartered flight from Gimpo International Airport. It is his seventh overseas business trip since his release from jail in early February and the second trip this month alone.

During his three-day business trip, Lee will tour Samsung Electronics and Samsung Display's factories and R&D centers and meet industry officials.

Vietnam has the largest mobile phone production facilities of Samsung Electronics. Analysts said Lee’s trip was intended to review Samsung’s smartphone strategies as the company has been losing market share due to competition with Chinese companies and others.