Asian Tech Press (Nov 12) -- Samsung Electronics' Vice Chairman Lee Jae-yong will reportedly visit the United States as soon as next week to finalize the site of a chip plant there.

Citing industry sources, Yonhap News Agency reported Friday that the world's largest memory chip and smartphone maker "is inching closer toward" the selection of the site for its new U.S. chip plant.

Lee is expected to visit the U.S. as early as next week to finalize the $17 billion investment project in the U.S., the report noted.

In March, Samsung announced that it was considering investing $17 billion in a chip plant in the United States. Subsequently, the city of Taylor and Austin competed for the chance.

In September this year, Reuters reported that Taylor plans to provide a large property tax break to attract Samsung investment.