Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024

Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.

Last year, Samsung’s six manufacturing plants in Vietnam recorded a revenue of $62.5 billion and an export turnover of $54.4 billion, said Na Ki Hong, general director of Samsung Vietnam, at a meeting with the new Bac Ninh province's Party chief Nguyen Van Gau on Thursday.

The new Bac Ninh province was formed after a merger of Bac Ninh and Bac Giang provinces from July 1, 2025.

Earlier, in a meeting with National Assembly Chairman Tran Thanh Man in December 2024, then general director of Samsung Vietnam Choi Joo Ho stated that in the first 11 months of 2024, Samsung facilities in Vietnam recorded exports of approximately $50.8 billion - a slight decrease from the same period in 2023. Samsung’s exports accounted for about 13.7% of Vietnam’s export during the period

In 2023, Samsung Vietnam’s export reached around $55.7 billion, or 16% of the country’s total export. Thus, Samsung’s share in Vietnam’s export declined in 2024 amid a 14.3% growth in the country's export compared to 2023.

According to Samsung Electronics’s audited consolidated financial report for 2024 released earlier this year, the combined revenue of four of its key subsidiaries in Vietnam reached $57.2 billion, a 0.6% increase from 2023, while total profit fell by 11.4% to $4.66 billion.

These four subsidiaries include Samsung Thai Nguyen (SEVT), Samsung Bac Ninh (SEV), Samsung Display Vietnam (SDV) in Bac Ninh, and Samsung Electronics HCMC CE Complex in Ho Chi Minh City. The results of two other subsidiaries producing cameras and batteries, as well as the R&D center, were not disclosed.

Still Vietnam’s largest foreign investor

At the meeting with Bac Ninh province’s leaders, Na Ki Hong noted that Samsung began its investment in Vietnam in 2008 with the first phase of a mobile phone manufacturing plant in former Bac Ninh province, worth $670 million.

To date, Samsung operates six manufacturing plants, one research and development center, and one sales entity across Bac Ninh, Thai Nguyen, Hanoi, and Ho Chi Minh City.

As of end-2024, Samsung had invested about $23.2 billion in Vietnam, remaining the country’s largest foreign direct investor. Samsung executives have repeatedly stated their intention to invest around $1 billion annually in Vietnam, he said.

Most recently, in January 2025, former Bac Ninh province officially issued an investment registration certificate allowing Samsung Display Vietnam to increase its capital by $1.2 billion to a total of $7.7 billion. Four months earlier, both sides had signed an MoU to develop a display and electronic component project worth $1.8 billion.

Currently, Samsung employs around 87,000 people in Vietnam, of which more than 45,000 are based in Bac Ninh. Enterprises in Bac Ninh alone generated $31.4 billion in revenue and $25 billion in export turnover, according to Na Hong Ki.

The Samsung Vietnam leader also highlighted the importance of local component suppliers. In Bac Ninh, over 70 first-tier suppliers for Samsung collectively employ about 80,000 people, with transaction volumes totaling $3.3 billion. If these suppliers’ operations are disrupted, the company won’t be able to manufacture, he stated.

To ensure production continuity, Samsung proposed that the province provide a stable and high-quality power supply.

Expressing his admiration for Samsung’s business performance in Vietnam and Bac Ninh, Gau affirmed provincial authorities are always ready to accompany and support businesses in resolving any difficulties and facilitating their development.

He also stressed that the province will continue to invest in expanding industrial park infrastructure and encouraged Samsung to consider expanding production in Bac Ninh. He urged the company to gradually transfer technology to local enterprises and help Vietnamese private firms participate in Samsung’s global supply chains.

Regarding Samsung’s recommendations, Gau directed relevant departments to proactively coordinate in resolving challenges that may arise during production and to ensure the best possible power supply for businesses.

After its merger, Bac Ninh province now spans 4,718.6 square meters, with a population of over 3.6 million, ranking fifth nationwide in terms of economic scale. The province currently hosts 33 industrial parks covering nearly 10,000 hectares.

In the first half of the year, Bac Ninh recorded an economic growth rate of 10.47%, ranked second nationwide in export value (after Ho Chi Minh City), and collected over VND41 trillion ($1.57 billion) in budget revenue.