Samsung Networks is cutting 20 percent of its network business workforce.

In total 700 jobs are set to be reassigned to other departments at the company, according to a report by Business Korea last week.

The company has opted to reduce headcount within the division due to a slowdown in the demand for 5G equipment in major markets.

Last year, Samsung's network unit reported a decrease in sales of 29.7 percent compared with the previous year.

Samsung isn't the first network vendor to feel the impact of the 5G slowdown.

In October, Finnish giant Nokia revealed plans to cut 14,000 jobs by 2026, again blaming a lull in demand for its 5G equipment.

Before this, Swedish vendor Ericsson outlined plans to lay off 8,500 employees globally.

Samsung, the fifth-largest RAN vendor, told DCD earlier this year that it has aspirations to be the "top vendor in the world," citing opportunities around the Open RAN market.

“With Samsung, when we get into a business, we don't want to be either the fourth or third best player,” said Magnus Ojert, senior vice president, networks business, Samsung Electronics America. “We ultimately want to be the number one, we want to be the best, or the top vendor in the world.”