SEJONG -- South Korea's vice finance minister on Wednesday hailed a multibillion-dollar order won by Samsung Electronics Co. to supply fifth-generation (5G) network equipment to Verizon Communications of the United States.

The deal showed how South Korea's industrial sectors navigate through global technology rivalries, Vice Finance Minister Kim Yong-beom said in a meeting with experts, according to the ministry.

Companies must step up their investment into new technologies, including next-generation telecom and artificial intelligence, Kim said.

Earlier this week, Samsung said it will supply 5G network equipment to Verizon for 7.89 trillion won ($6.6 billion).

Samsung has been trying to expand its 5G equipment customer pool in recent years. In addition to the US, the company has so far inked 5G equipment contracts in countries like Canada, New Zealand and Japan.

With the US pressuring China's Huawei Technologies Co., the world's top 5G equipment supplier, for security reasons, industry observers predicted that Samsung can further expand its presence in the 5G equipment market. (Yonhap)