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

By Quang Minh, Minh Hue
Fri, July 11, 2025 | 2:09 pm GMT+7

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.

Samsung Vietnam general director Na Ki Hong presents the latest product from Samsung Bac Ninh to Secretary of the Bac Ninh provincial Party Committee Nguyen Van Gau. Photo courtesy of Bac Ninh newspaper.

Samsung Vietnam general director Na Ki Hong presents the latest product from Samsung Bac Ninh to Secretary of the Bac Ninh provincial Party Committee Nguyen Van Gau. Photo courtesy of Bac Ninh newspaper.

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.

A Samsung factory worker in Bac Ninh province, northern Vietnam. Photo courtesy of Tuoi Tre (Youth) newspaper.

A Samsung factory worker in Bac Ninh province, northern Vietnam. Photo courtesy of Tuoi Tre (Youth) newspaper.

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.

Comments (0)
  • Read More
JPMorgan upgrades Vietnam stocks to overweight following US tariff deal

JPMorgan upgrades Vietnam stocks to overweight following US tariff deal

JPMorgan has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.

Economy - Fri, July 11, 2025 | 11:38 am GMT+7

Vietnam government bond issuance surges nearly 70% in June

Vietnam government bond issuance surges nearly 70% in June

The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.

Finance - Fri, July 11, 2025 | 9:30 am GMT+7

Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam

Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam

The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.

Companies - Fri, July 11, 2025 | 9:18 am GMT+7

Vietnam-US tariff agreement: A strategic turning point toward deeper integration

Vietnam-US tariff agreement: A strategic turning point toward deeper integration

The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.

Opinion - Fri, July 11, 2025 | 9:00 am GMT+7

Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province

Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province

China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.

Companies - Fri, July 11, 2025 | 8:00 am GMT+7

Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced

Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced

U.S. chip maker Intel has invested over $1.5 billion in its nearly 20 years in Vietnam and exported more than 4 billion products, contributing over $100 billion to Vietnam’s export revenue.

Industries - Thu, July 10, 2025 | 10:05 pm GMT+7

HCMC’s new master plan should prioritize breakthrough growth in finance, high technology, logistics: expert

HCMC’s new master plan should prioritize breakthrough growth in finance, high technology, logistics: expert

Ho Chi Minh City should promote university-oriented urban models and innovation ecosystems built on the “quadruple helix” framework - collaboration among the government, universities, businesses, and the community.

Economy - Thu, July 10, 2025 | 9:42 pm GMT+7

UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub

UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub

The United Arab Emirates's (UAE) state-backed firm G42 plans to partner with Vietnamese companies to develop a $2 billion hyperscale data center in Vietnam's southern hub Ho Chi Minh City.

Industries - Thu, July 10, 2025 | 4:22 pm GMT+7

Petrovietnam rakes in $19.5 bln in H1 revenue

Petrovietnam rakes in $19.5 bln in H1 revenue

State-owned Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance.

Companies - Thu, July 10, 2025 | 4:03 pm GMT+7

Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank

Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank

Ho Chi Minh City and Hanoi saw solid office leasing and apartment market rebounds after the Lunar New Year holiday (Tet). Industrial land surged with record H1 supply and strong absorption, underscoring Vietnam's appeal, while eased visa policies and new direct international flights continue to support 5‑star hotels in both the cities, write Knight Frank analysts.

Real Estate - Thu, July 10, 2025 | 2:37 pm GMT+7

Vietnam's maritime heavyweight VIMC to expand container port services, bulk cargo transport

Vietnam's maritime heavyweight VIMC to expand container port services, bulk cargo transport

Vietnam Maritime Corporation (VIMC) will increase revenue and profit via expanding operations in areas such as container port services, bulk cargo transport, and shipping of agricultural products and steel, leveraging existing infrastructure and fleet advantages.

Companies - Thu, July 10, 2025 | 2:15 pm GMT+7

Vietnam infrastructure spending surges 40%

Vietnam infrastructure spending surges 40%

Vietnam’s infrastructure spending surged 40% year-on-year in the first half of the year, fuelled by fast-tracked approvals of projects amid provincial mergers; legal reforms granting provinces more decision-making authority over project approvals; and the streamlining of disbursement processes, write chief economist Michael Kokalari and senior analyst Thai Viet Trinh at VinaCapital.

Consulting - Thu, July 10, 2025 | 11:56 am GMT+7

Phu Quoc enters Travel + Leisure’s top luxury destinations

Phu Quoc enters Travel + Leisure’s top luxury destinations

Phu Quoc’s presence in Travel + Leisure’s Asia-Pacific luxury travel rankings continues to affirm the island’s status as a world-class destination.

Companies - Thu, July 10, 2025 | 11:43 am GMT+7

July dividend wave hits Vietnamese market following AGM season

July dividend wave hits Vietnamese market following AGM season

Ending the 2025 AGM season, a series of Vietnamese companies have announced dates for finalizing the list of shareholders eligible for dividends in July.

Finance - Thu, July 10, 2025 | 11:07 am GMT+7

Cordless technology leader TTI plans to expand manufacturing in southern Vietnam

Cordless technology leader TTI plans to expand manufacturing in southern Vietnam

Germany's Techtronic Industries Company Limited (TTI), a world leader in power tools and outdoor power equipment, wants to expand its Milwaukee plant in Ho Chi Minh City.

Industries - Thu, July 10, 2025 | 8:58 am GMT+7

Vietnam pledges support for AES investment in green energy

Vietnam pledges support for AES investment in green energy

Vietnam will continue to facilitate foreign investment and business activities, including those by U.S. enterprises, in line with laws and the country’s evolving development needs, said Tran Luu Quang, Chairman of the Party Central Committee’s Commission for Policies and Strategies.

Companies - Wed, July 9, 2025 | 11:10 pm GMT+7