Another piece of information reports that Vietnam President Nguyen Xuan Phuc will hold a summit meeting with Korean President Yoon Suk-yeol in Seoul on Dec 5. While, in this meeting, heads of the major tech giant are going to participate. It includes Samsung, Hyundai Motor, LG, and Lotte respectively.
Whereas, on the other hand, Samsung Electronics chairman Lee Jae Yong also going to take part in this meeting. Notably, Lee met with the Vietnamese leaders for three consecutive years which is from 2018 to 2020 respectively. And because, Samsung Electronics, is the major foreign investor in Vietnam, therefore the meeting schedule is expected to expand investment in Vietnam. As, in October 2020, Lee inspected the construction premises of a Samsung R&D center in Vietnam. It results in disclosing an investment expansion plan at a very private meeting.
Samsung takes advantage of a close partnership with Vietnam
While Vietnam already has experience attracting a factory from U.S semiconductor giant Intel. It has a total investment in Vietnam alone is US$1.5 billion, and also gives employment to 2,800 people in Vietnam.
As per the survey done by global energy think tank Ember, Vietnam raised the proportion of renewable energy for the first time in 2021, which is above 10 percent. It indicates that Vietnam has a big gap with Korea, as it logged only 4.67 percent last year.
“Samsung Electronics will suffer a significant sales loss if it fails to meet the use of renewable energy demanded by overseas customers,” an industry insider said. “Overseas plant expansion holds the key to achieving RE100 and avoiding major countries’ protectionist trade barriers.”
It is to be worth noting here that Samsung takes advantage of a close partnership with Vietnam. On the other hand, Samsung is running a total of six production corporations, one sales corporation, and one R&D center in Vietnam.
Additionally, Samsung Electronics will complete its Vietnamese R&D center, which is the largest in Southeast Asia, in Hanoi, Vietnam. The same has been completed at the end of December. Therefore, Lee is expected to attend the Vietnam R&D center completion ceremony at the end of this year respectively.