Lee Jae-yong Returns from the Netherlands, Now Heading to Vietnam

[Asia Economy Reporter Kim Hyewon] Samsung Electronics Vice Chairman Lee Jae-yong is heading on a business trip to Vietnam. This continues his global on-site management activities just five days after returning from the Netherlands.

According to industry sources on the 18th, Vice Chairman Lee will depart for Vietnam, Samsung Electronics' largest mobile phone production base, on the 19th. This marks his first visit to Vietnam in two years since October 2018.

Earlier, in February, Lee was scheduled to visit Vietnam to attend the groundbreaking ceremony of Samsung Electronics' research and development (R&D) center being built in the THT New City area of Hanoi, Vietnam, but the event was canceled due to the spread of the novel coronavirus (COVID-19), resulting in the cancellation of the trip.

Subsequently, travel to Vietnam was blocked due to entry restrictions and self-quarantine measures caused by COVID-19. However, recently, the Vietnamese government decided to apply a 'fast track' (expedited entry procedures) exemption from self-quarantine for diplomats and businesspeople. Vice Chairman Lee is expected to be the first businessperson to utilize this fast track.

During this Vietnam trip, Lee is reported to personally tour the R&D center under construction in Hanoi and the mobile phone factories, as well as encourage employees.

Lee is also expected to hold a private meeting with Vietnamese Prime Minister Nguyen Xuan Phuc. This will be their third one-on-one meeting, following October 2018 and Prime Minister Phuc's visit to Korea last November.

At every meeting with Vice Chairman Lee, Prime Minister Phuc has stated, "The Vietnamese government considers Samsung's success as Vietnam's success," and has requested expanded investment in Vietnam, including semiconductor production plants. Samsung Electronics currently operates mobile phone factories in Bac Ninh and Thai Nguyen provinces in northern Vietnam, and TV and home appliance production facilities in Ho Chi Minh City. Since February, it has also begun constructing the largest R&D center in Southeast Asia in the THT New City area of Hanoi. Locally in Vietnam, there are talks that Vice Chairman Lee plans new investments such as building an electric vehicle battery plant for Samsung SDI in Vietnam.