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Thursday, April 25, 2024

Samsung Vietnam factories contribute one-third of global profits

The Saigon Times

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HCMC – Four factories in Vietnam of the South Korean conglomerate Samsung contributed around one-third to its global profits last year, the local media reported.

According to its 2023 consolidated earnings report, Samsung’s global revenue fell by 14.2% against the previous year to nearly US$200 billion. However, Vietnam emerged as a crucial component in Samsung’s financial landscape, with its four factories contributing around 30% of the company’s revenue and 33.5% of its profits.

The Vietnam factories remained integral to Samsung’s operations despite a 14% decline in revenue and nearly a 15% decrease in profit, amounting to US$61.4 billion and US$4 billion, respectively.

Leading the charge in contributions was Samsung Electronics Vietnam Thai Nguyen (SEVT), the company’s largest smartphone manufacturing facility globally. SEVT reported over US$23 billion in revenue and US$1.7 billion in profit, showcasing resilience amid challenging business conditions despite a 15% drop in revenue and an 18% decline in profits compared to the previous year.

Revenue of two other factories in Bac Ninh Province, Samsung Electronics Vietnam (SEV) and Samsung Display Vietnam (SDV), also declined by 15% and 6% to US$15 billion and US$18 billion, respectively. SEV recorded profits of US$1.1 billion, while SDV achieved net income of over US$800 million.

The Samsung Electronics HCMC CE Complex (SEHC) in HCMC was the only facility within the Samsung Vietnam complex to see profit rising, by 4.2% over 2022, with revenue surpassing US$4.6 billion and profit exceeding US$300 million.

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