Samsung's chairman expected to visit Vietnam for further business expansion

At the end of this year, there are discussions of Mr. Lee's visit at the R&D facility for Samsung Electronics in Vietnam. Samsung Electronics began investing $220 million in the development of the R&D facility in Hanoi in March 2020 with the goal of finishing it this year. 

Due to the COVID-19 outbreak, the R&D center's groundbreaking ceremony in February 2020 was postponed, which prevented Lee from traveling to Vietnam to participate. Instead, he went to Vietnam in the same year's October.

After examining the R&D center's building progress during that visit, Lee told Prime Minister Nguyen Xuan Phuc in a private meeting, "We would assist the new R&D center to become a basis for Samsung Group's research and development."

In Vietnam, Samsung Electronics now has two plants for smartphones in addition to factories for TVs and other appliances. More than half of Samsung Electronics' cellphones sold worldwide are made at the Vietnam facility.

The chairman may consider more economic collaboration with Vietnamese governmental and associated leaders this year, as it is the 30th anniversary of the beginning of diplomatic relations between Korea and Vietnam.

Countries that are relatively close by, like Japan, China, and India, are also taken into consideration as destinations for the chairman's overseas business trips given that he must attend a trial every Thursday on accusations of a fraudulent merger between Cheil Industries and Samsung C&T and accounting fraud at Samsung Biologics.

On Thursday, Lee was quietly named chairman. He substituted his introductory speech with remarks shared in front of 300 past and current Samsung executives on the company's intranet on October 25, the second anniversary of the passing of late Samsung Electronics Chairman Lee Kun-hee.

"Recently, looking at the global market and domestic and overseas business sites, I felt desperate," Lee said. "The more difficult the times are, the more we need to prepare ahead of time and develop our skills."At the end of this year, there are discussions of having Lee visit the R&D facility for Samsung Electronics in Vietnam. Samsung Electronics began investing $220 million in the development of the R&D facility in Hanoi in March 2020 with the goal of finishing it this year. 

Due to the COVID-19 outbreak, the R&D center's groundbreaking ceremony in February 2020 was postponed, which prevented Lee from traveling to Vietnam to participate. Instead, he went to Vietnam in the same year's October. After examining the R&D center's building progress during that visit, Lee told Prime Minister Nguyen Xuan Phuc in a private meeting, "We would assist the new R&D center to become a basis for Samsung Group's research and development."

In Vietnam, Samsung Electronics now has two plants for smartphones in addition to factories for TVs and other appliances. More than half of Samsung Electronics' cellphones sold worldwide are made at the Vietnam facility.

The chairman may consider more economic collaboration with Vietnamese governmental and associated leaders this year, as it is the 30th anniversary of the beginning of diplomatic relations between Korea and Vietnam.

Countries that are relatively close by, like Japan, China, and India, are also taken into consideration as destinations for the chairman's overseas business trips given that he must attend a trial every Thursday on accusations of a fraudulent merger between Cheil Industries and Samsung C&T and accounting fraud at Samsung Biologics.

On Thursday, Lee was quietly named chairman. He substituted his introductory speech with remarks shared in front of 300 past and current Samsung executives on the company's intranet on October 25, the second anniversary of the passing of late Samsung Electronics Chairman Lee Kun-hee.

"Recently, looking at the global market and domestic and overseas business sites, I felt desperate," Lee said. "The more difficult the times are, the more we need to prepare ahead of time and develop our skills."

Source: The Korean Times