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Samsung announced on the 1st of September that it will make early payments totaling KRW 870 billion (approximately USD 648 million or CNY 46.1 Billion) to its suppliers before the Chuseok holiday to help alleviate their financial burden. The initiative involves 12 Samsung affiliates, including Samsung Electronics (005930.KS), Samsung Display, Samsung Electro-Mechanics (009150.KS), Samsung SDI (006400.KS), Samsung SDS (018260.KS), Samsung Biologics (207940.KS), Samsung Bioepis, Samsung C&T (028260.KS), Samsung Heavy Industries (010140.KS), Samsung E&A (028050.KS), Samsung Welstory, and Cheil Worldwide (030000.KS).

Each company will advance payment dates by up to 15 days to ensure that suppliers receive funds earlier than initially scheduled. Since 2011, Samsung's key affiliates have been increasing the frequency of payments from twice a month to three to four times a month to help suppliers manage their finances more effectively.

In addition to this, Samsung is launching an online marketplace for its employees to support domestic economic activity during the Chuseok season. The marketplace will feature local specialty products from partner villages and items produced by small and medium-sized enterprises (SMEs) that have benefited from Samsung’s smart factory initiatives.

Notably, 86 SMEs that received support from Samsung Electronics in building smart factories will participate in the online marketplace, offering around 120 products, including premium beef sets and fruit.

Seventeen Samsung affiliates, including Samsung Electronics, Samsung Electro-Mechanics, Samsung SDI, Samsung Biologics, Samsung Life Insurance (032830.KS), Samsung Fire & Marine Insurance (000810.KS), Samsung C&T, Samsung Heavy Industries, Hotel Shilla (008770.KS), Cheil Worldwide, and S-1 Corporation (012750.KS), will take part in the online marketplace. Samsung has also set up additional offline marketplaces at select sites, complementing the online platforms available through company intranet boards, local government websites, and the National Agricultural Cooperative Federation’s online shopping malls.

Traditionally, Samsung has supported product sales through offline marketplaces at its business sites during major holidays. Since the onset of the COVID-19 pandemic, the company has shifted to operating online marketplaces, starting with Chuseok in 2020. During this year's Lunar New Year and last year's Chuseok, Samsung employees purchased products worth a combined total of KRW 6.5 billion (approximately USD 4.9 million) through these platforms.

Editor：Lulu

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