Samsung and LG announce early payments to suppliers ahead of Chuseok

Samsung and LG are implementing early payment programs for their suppliers ahead of the Chuseok holiday to support liquidity and stimulate the domestic economy.

Samsung, involving 13 affiliates including Samsung Electronics and Samsung C&T, will pay approximately 1.3 trillion won in supply payments roughly seven days earlier than scheduled. This amount is an increase of 110 billion won compared to the previous Chuseok period. Additionally, Samsung is operating online markets to sell specialty products from sister villages and goods from small and medium-sized enterprises (SMEs) that have received support from Samsung Electronics’ smart factory initiatives.

LG Group, through eight affiliates including LG Electronics and LG Innotek, will advance 600 billion won in supply payments by up to 13 days. LG is also maintaining a 1.2 trillion won mutual growth fund to assist suppliers with financing. Alongside these financial measures, LG plans to conduct community outreach by distributing daily necessities to vulnerable groups near its business sites.