Lee Jae-yong Departs for Vietnam... Personally Oversees R&D Completion Ceremony

"On the 21st, to reporters' questions, 'I will return safely'"
Focus on meeting with the Vietnamese President and global business activities

Samsung Electronics Chairman Lee Jae-yong is getting out of the car on the 21st at the Seoul Gimpo Business Aviation Center in Gangseo-gu to depart for Vietnam.
[Photo by Yonhap News]

[Asia Economy Reporter Han Yeju] "I will have a good trip. We are inaugurating a research center in Vietnam."

Samsung Electronics Chairman Lee Jae-yong embarked on a business trip to Vietnam on the 21st to attend the opening ceremony of the Research and Development (R&D) Center. This is his first visit to Vietnam in over two years since October 2020. During this trip, Chairman Lee is expected to meet with Nguyen Xuan Phuc, President of Vietnam, to discuss investment plans.

According to business circles on the 21st, Chairman Lee departed for Vietnam through the Seoul Gimpo Business Aviation Center earlier that day. Before departure, he told reporters, "I will have a good trip," and added, "We are inaugurating the research center (Vietnam R&D Center)." He did not comment on additional investment discussions in Vietnam or other trip schedules.

Accompanying him on this trip were Jung Hyun-ho, Head of Samsung Electronics Business Support Task Force (Vice Chairman), Roh Tae-moon, Head of Samsung Electronics MX Division (President), and Choi Joo-sun, President of Samsung Display.

During this Vietnam trip, Chairman Lee is expected to attend the R&D Center opening ceremony and meet with various political and governmental figures of Vietnam to discuss business cooperation plans in commemoration of the 30th anniversary of Korea-Vietnam diplomatic relations.

Samsung Electronics has been constructing the R&D Center near the Tay Ho New Urban Area in Hanoi since March 2020, investing $220 million (approximately 260 billion KRW at the time), aiming for completion by the end of this year. The Vietnam R&D Center, with 16 floors above ground and 3 basement levels, will be built on a 11,603㎡ site with a total floor area of 79,511㎡. Previously, Chairman Lee visited Vietnam in October 2020 to inspect the construction site of the new R&D Center and check the progress. The opening ceremony was originally scheduled for the 22nd, the 30th anniversary of Korea-Vietnam diplomatic relations, but was reportedly postponed to the 23rd due to local circumstances.

Attention is also focused on whether a meeting between Chairman Lee and President Nguyen Xuan Phuc will take place around the opening ceremony. During his previous visits to Vietnam in 2018 and 2020, Chairman Lee met with then-Prime Minister Phuc and exchanged views on mid- to long-term investments in Vietnam and cooperation plans with local companies.

At the 2020 meeting, Chairman Lee promised, "We will support the new R&D Center to become a hub for Samsung Group's research and development," and President Phuc urged, "We hope Samsung will invest in semiconductor manufacturing plants in Vietnam to strengthen the electric and electronic supply chain." Currently, Samsung Electronics operates two smartphone factories and TV and home appliance factories in Vietnam. Samsung Electronics' Vietnam plants produce more than 50% of Samsung smartphones sold worldwide.

Meanwhile, business circles expect Chairman Lee to embark on a long-term global management journey starting with this Vietnam trip. He will not attend the trial scheduled for the 22nd regarding allegations of unfair merger between Samsung C&T and Cheil Industries, which is related to the inauguration ceremony. He also did not attend the trial on the 8th, citing a business trip to the Middle East.

The next trial is scheduled for the 13th of next month, allowing him to be absent from court for about 20 days. During this period, he may visit overseas business sites. There is also speculation about his possible attendance at the Davos Forum held in Davos, Switzerland, from January 16 to 20 next year.

This content was produced with the assistance of AI translation services.