Samsung has always been known for innovative technology, and now the first foldable phone from Samsung is "right around the corner", according to President and CEO of Samsung Telecommunications America, Gregory Lee.

Lee spoke about the latest Galaxy phone at the Future: Mobile Conference, and mentioned that the concept was an emerging trend. The reason behind the delay was because it was "very difficult to manufacture at a reasonable cost".

His comments follow a Bloomberg report earlier this week that said Samsung will introduce two models next year with foldable displays.

Lee's comments, however, are unsurprising considering the prior leaks about Samsung's foldable tech. Thus, the rumor mills already have prior knowledge about the Korean tech tycoon's plans, and the threat it has from its competitors, according to Forbes.

Meanwhile, Lenovo's unveiling last Thursday has also caused a concern for Samsung. Since the two devices of Lenovo - a slim bendable smartphone, and tablet which can be folded in half, are very much similar to Samsung's, it means more of a competition for both.

Additionally, Lenovo has also working on prototypes, which will be available for modification, meaning that Samsung needs to up its ante in order to draw users to their foldable devices when they are released.

Lee's comment suggests that 2017 might see the first of Samsung's officially launched bendable phones. It seems that Samsung might also need to do that at a reasonable cost to maintain their position in the global market. However, it is still unclear if this will be Samsung's main flagship.

It would definitely be a big move since the tech is untested in the market and the cost of manufacturing is not so reasonable.

However, users of Samsung will have to wait until Mobile Congress 2017 to actually know the plans of Samsung in the near future.