‘Samsung Prince’ visits Vietnam, plans to build a battery factory for electric cars
admin 19-10-2020, 06:32

Samsung Group Vice Chairman Lee Jae-yong will visit Vietnam next week and plans to meet Prime Minister Nguyen Xuan Phuc to seek assistance in expanding the group’s operations in Vietnam.

Yonhap, South Korea News Agency reported, Samsung Electronics Vice President Lee Jae-yong, plans to visit Vietnam next week.

‘Samsung Prince’ visits Vietnam, plans to build a battery factory for electric cars

Samsung Electronics Vice President Lee Jae-yong. (Photo: Bloomberg).

According to sources, Mr. Lee will come to Vietnam on October 20 and plan to meet Prime Minister Nguyen Xuan Phuc on this trip to discuss investment plans.

Yonhap said, this is the first visit of Mr. Lee Jae-yong since October 2018.

Vietnam has decided to adopt a fast entry policy, while also exempting the mandatory COVID-19 isolation from Korean diplomats and businessmen.

If Mr. Lee visits Vietnam, he plans to inspect Samsung’s research and development center under construction in Hanoi, as well as Samsung Group’s factories in Vietnam.

Yonhap said that Samsung Group’s vice chairman may announce new investment plans including building a car electronics factory in Vietnam.

At the same time, Mr. Lee may propose to Prime Minister Nguyen Xuan Phuc to support the group’s expansion in Vietnam.

In September, Deputy Minister of Construction Le Quang Hung had a meeting with the General Director of Samsung Vietnam Complex Choi Joo Ho and said that Samsung will start building the supernatant of the Research and Development Center (R&D) in Tay Ho Tay urban area, Hanoi in mid-October 2020.

Korea is currently the largest FDI investment partner, the second largest trading partner and the second largest supplier of ODA to Vietnam.

Statistics updated by the end of August 2020 show that, out of 136 countries and territories having investment projects in Vietnam, Korea ranks first with a total registered capital of 70.2 billion USD, more than 8000 valid projects (accounting for 18.4% of total investment capital and 25% of total FDI projects).

In 2019 alone, Korea ranked first with newly registered capital of 792 billion USD (accounting for 20.8% of total investment capital). In particular, Samsung is the largest foreign investor in Vietnam with 6 factories and a research and development center, total investment of more than 17 billion USD, export turnover in 2019 reaching 59 billion USD, attracting nearly 130000 employees.

Source: vietnambiz.vn – Translated by fintel.vn