Korea industrial giant Doosan's Vietnam unit earns $29 mln profit in 2023

Doosan Enerbility Vietnam Co., Ltd., the Vietnamese unit under South Korean industrial giant Doosan, earned a net profit of KRW39.65 billion ($29.11 million) in 2023.

While this was the second-highest figure among major subsidiaries after Doosan Bobcat Inc. with KRW921.48 billion ($674.3 million), it was less than one-third the profit Doosan Enerbility Vietnam earned in 2022.

According to the company's newly released consolidated financial statements, Doosan Enerbility Vietnam posted sales of KRW499.46 billion ($365.5 million) last year, also the second-highest among key subsidiaries.

Doosan Bobcat Inc. and its subdidiaries, in charge of manufacturing and sales of construction equipment, were the first with KRW9,758.9 billion ($716.58 million).

The Vietnamese subsidiary, which manufactures machinery and equipment for the parent company, had assets valued at KRW570.06 billion ($417.1 million) and liabilities of KRW234.85 billion at the end of last year.

Doosan entered Vietnam in 2006 with a $300-million factory covering 100 hectares at the Dung Quat Economic Zone in the central coastal province of Quang Ngai.

Formerly Doosan Vina, the firm changed its name to the current one in 2022 as the parent company changed from Doosan Heavy Industries & Construction to Doosan Enerbility, combining the goals of energy and sustainability.

So far, Doosan Enerbility Vietnam has recorded an output of 580,000 tons in nearly 400 completed projects, delivering products to 35 countries.