Samsung heir visits Vietnam to discuss possible investments plan
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Samsung Electronics vice-chairman Lee Jae-yong departed for Vietnam for a three-day visit to explore business opportunities. He is scheduled to meet Prime Minister Nguyen Xuan Phuc on Tuesday to discuss possible investment plans and visit Samsung’s plants in Hanoi.
The focus will be on whether Lee announces new investment plans including the construction of a factory for electronic-car batteries in Vietnam.
Lee is also expected to inspect the progress of a Samsung Electronics research center that is currently under construction in Hanoi.
Construction of the $220 million research and development center, the first of its kind outside South Korea, began last March.
It is Lee’s first visit to Vietnam since October 2018. He is exempt from mandatory quarantine after the government scrapped the quarantine requirement for foreign managers, investors, and diplomats visiting the country for less than 14 days.
Vietnam is Samsung’s largest smartphone production base, with half of all its phones being made in the country at plants in Bac Ninh and Thai Nguyen provinces in the north. It has invested over $17 billion in Vietnam so far.
Questions & Answers
Q.What is the primary purpose of Lee Jae-yong's current visit to Vietnam?
What is the primary purpose of Lee Jae-yong's current visit to Vietnam?
He is in Vietnam to explore new business opportunities. A key focus is discussing possible investment plans, including the potential construction of a factory for electronic-car batteries, and visiting existing Samsung plants.
Q.Why is Lee Jae-yong exempt from the usual quarantine rules upon entering Vietnam?
Why is Lee Jae-yong exempt from the usual quarantine rules upon entering Vietnam?
The Vietnamese government has removed the mandatory quarantine requirement for foreign managers, investors, and diplomats. This exemption applies to individuals visiting the country for less than 14 days.
Q.What is the significance of the research and development centre currently being built in Hanoi?
What is the significance of the research and development centre currently being built in Hanoi?
The $220 million research and development centre is the first of its kind for Samsung outside South Korea. Lee Jae-yong is expected to inspect its construction progress during his visit.
Q.How important is Vietnam to Samsung's global manufacturing operations?
How important is Vietnam to Samsung's global manufacturing operations?
Vietnam is Samsung's largest smartphone production base, manufacturing half of all its phones at plants in Bac Ninh and Thai Nguyen provinces. Samsung has invested over $17 billion in the country.