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Vietnamese authorities are trying to persuade Samsung to build a plant for the production of chips.
According to South Korean media, today a delegation of Vietnamese politicians led by President Nguyen Xuan Phuc will meet in Seoul with South Korean colleagues led by President Yoon Suk-yeol. It is alleged that the leaders of the largest Korean corporations will be present at the talks, and the Vietnamese delegates will continue to persuade the head of Samsung Electronics to build an enterprise for the production of chips in their country.
Samsung Electronics is already the largest foreign investor in Vietnam and manufactures most of its smartphones there, and is set to complete the expansion of its R&D center this month, which will employ 2,200 local professionals and focus on developing mobile devices and networking hardware and software. $220 million was allocated for the construction of the research center, and in total, during its presence in Vietnam, Samsung has invested more than $20 billion in the local economy.
According to Business Korea, Samsung Electronics CEO Lee Jae-yong has been in talks to expand investment in the Vietnamese economy since the fall of 2018, when the country's current president was still prime minister. For Samsung, the choice of Vietnam as a site for the construction of a new enterprise for the production of chips can be beneficial in that the local industry actively uses electricity from renewable sources, its share reaches 10% of the consumed, which is more than twice as high as in South Korea itself. Samsung Electronics is forced to check its plans for the expansion of production with the global environmental agenda, which implies the transition to renewable energy sources. The head of the company is due to visit Vietnam this month to attend the completion ceremony of the company's new research center, negotiations with local authorities may continue at that moment.