First Vice Industry Minister Jang Young-jin has forecast that China's recent ban on U.S. memory chip giant Micron Technology would not hurt South Korean chipmakers.

In a meeting with reporters on Monday, Jang said China's move was simply addressing an issue with Micron products and was not an action against South Korean companies, and it is thus practical to assume that there will not be any immediate impact on local companies.

Regarding the government's response to the restrictions, Jang said it was a matter to be handled by the companies, adding that chipmakers like Samsung Electronics and SK Hynix will likely make decisions with consideration for both parties based on their global stature.

On Sunday, China's cyberspace regulator said Micron failed to pass a cybersecurity review, calling for operators involved in key infrastructure projects to stop purchasing products from the company.