Two Vietnamese subsidiaries of South Korea’s LG Electronics have posted a combined post-tax profit of KRW179.31 billion ($133.5 million) in Jan-Sep 2023, down 27.6% year-on-year.
Their combined revenues of KRW6,896.99 billion ($5.17 billion) during the period marked a year-on-year increase of 11.7%.
According to data recently released by the conglomerate, LG Electronics Vietnam Hai Phong made a post-tax profit of KRW117.99 billion ($88.39 million) on revenue of KRW3,849.1 billion ($2.88 billion), down 22.9% and up 16.9% year-on-year, respectively.
Meanwhile, LG Innotek Vietnam Hai Phong posted a post-tax profit of KRW61.33 billion ($45.94 million) on revenue of KRW3,047.91 billion ($2.28 billion), down 35.1% and up 5.9% year-on-year, respectively.
The sales figures of the two Vietnamese factories ranked third and fourth on LG’s global list, respectively, behind its facilities in South Korea and the U.S.
In September 2023, Deputy Prime Minister Tran Luu Quang noted that South Korea was a leading foreign investor in Vietnam, led by Samsung (almost $20 billion) and LG ($11 billion). He urged South Korean Ambassador to Vietnam Choi Youngsam to encourage LG to invest in an R&D center in Hai Phong. He noted that the northern port city had prepared a land fund for the project.