Samsung’s vice chairman Lee Jae Yong is visiting Samsung subsidiaries today in Hanoi, the northern province of Bac Ninh, and Ho Chi Minh City.
|Lee Jae Yong, vice chairman of Samsung |
Local media quoted an expert as saying that Samsung’s smartphone business has been experiencing a fall in revenue due to strict competition from Chinese competitors. This may be the reason behind Lee’s visit to Vietnam, with the mission to recover the firm’s business.
According to BusinessKorea, Lee will visit subsidiaries manufacturing smartphones, televisions, and home appliances. Lee may also have a meeting with leaders of the Vietnamese government.
Samsung Electronics runs subsidiaries manufacturing smartphones in Bac Ninh and Thai Nguyen provinces with the annual capacity of 150 million devices, equalling half of the firm’s annual output, which makes Vietnam a very important market for Samsung.