November 22, 2024

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[THE INVESTOR] Samsung Electronics Vice Chairman Lee Jae-yong  met Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi and vowed to expand the company’s investments in the Southeast Asian country.

The top executive left for Vietnam on Oct. 30 and met the Vietnamese premiere on the day of his arrival.

During the meeting, Lee claimed that Samsung will continue to make long-term investments in Vietnam and expand its business in the country.

“Samsung has been making investments in numerous countries, but not many of them paid attention to companies’ requests and responded,” Lee was quoted as saying by local media.

The vice chairman claimed he will review if there are any other fields where Samsung can invest after discussing the matter with company executives upon his return home.

The decision maker at the family-run conglomerate said Samsung holds experiences in the electronic-government business and added the company is willing to lend support in this field as well.

“Samsung not only focuses on investing in the manufacturing sector of Vietnam, it is also promoting research and development. The company is currently making efforts to form ties with more Vietnamese companies in terms of workforce and supply of parts,” Lee added.

The Vietnamese prime minister requested Samsung to expand its presence in the country, eventually to make Vietnam a strategic hub of the tech giant. 

The prime minister promised that the government will continue to make an amicable business environment for Samsung as well.

Industry watchers said the latest trip centers on reviewing Samsung’s strategy for its smartphone business, which has been facing challenges recently due to the rise of Chinese rivals.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)