Samsung Electro-Mechanics (SEM) - the semiconductor and camera module arm of South Korea chaebol Samsung, and Samsung SDI - the battery arm of Samsung, earned combined revenue of $2.36 billion in Vietnam in 2023, according to their separate financial statements.
SEM, located in the northern province of Thai Nguyen, earned a revenue of KRW2,127.4 billion ($1.6 billion) in 2023, up 7.71% year-on-year. Meanwhile, its post-tax profit rose 43.33% to KRW62.3 billion ($47.02 million).
The revenue figure was among the highest of all SEM’s subsidiaries around the world, only lower than those of Tianjin Samsung Electro-Mechanics and Samsung Electro-Mechanics (Shenzhen), both in China. Profit from the Vietnam subsidiary came second, behind only the Tianjin one.
Meanwhile, Samsung SDI Vietnam, based in the northern province of Bac Ninh, earned a revenue of KRW1,013.9 billion in 2023, down 31.49% year-on-year. The firm’s post-tax profit fell 40% to KRW31.65 billion in the period.
Four major Vietnamese subsidiaries of South Korean giant Samsung Electronics reported revenues of combined KRW81,146.7 billion ($60.83 billion) in 2023, down 11.83% year-on-year; and after-tax profits of KRW5,263.1 billion ($3.95 billion), down 13.09%.
They were Samsung Electronics Vietnam Thai Nguyen (SEVT), headquartered in Thai Nguyen; Samsung Display Vietnam (SDV), located in Bac Ninh; Samsung Electronics Vietnam (SEV), also based in Bac Ninh; and Samsung Electronics HCMC CE Complex, located in Ho Chi Minh City.
Samsung, already the largest foreign investor in Vietnam with more than $22 billion, plans to invest an additional $1 billion in the Southeast Asian country annually, said Choi Joo Ho, CEO of the firm's Vietnam operations, at a recent meeting with Vietnamese Deputy Prime Minister Tran Luu Quang.