Electronics giant LG’s three factories in Vietnam recorded a total net profit of KRW434.51 billion ($328.5 million) in 2022, down 21% year-on-year.
Their total sales reached KRW11,504 billion ($8.7 billion), up 16.71%, according to the company's financial statement.
LG Display Vietnam Haiphong Co., Ltd., under LG Display, posted sales of KRW2,672 billion ($2.02 billion) and a net profit of KRW112.2 billion ($84.79 million), up 3.05% and down 58.52% year-on-year, respectively.
LG Electronics Vietnam Hai Phong Co., Ltd., a subsidiary of LG Electronics, reported sales of KRW4,485 billion ($3.39 billion) and a net profit of KRW176.34 billion ($133.3 million), up 8.26% and 48.38%.
LG Innotek Vietnam Hai Phong Co., Ltd., also under LG Electronics, saw sales grow 39.26% year-on-year to KRW4,438 billion ($3.29 billion), but its net profit went down 8.98% to KRW146 billion ($110.4 million).
All the three factories are located in the port city of Hai Phong, a manufacturing hub in northern Vietnam.
In Vietnam, LG Electronics also operates subsidiaries Hi-M Solutek Vietnam Co., Ltd., focusing on services, and LG Electronics Development Vietnam Company Limited, focusing on research and development.
Regarding its global operations, LG Electronics earned a net profit of KRW1,863 billion ($1.41 billion) last year from sales of KRW83,467 billion ($63.1 billion), up 31.67% and 12.9% year-on-year, respectively.
LG Display recorded a global revenue of KRW26,152 billion ($19.77 billion), down 12.5% year-on-year, and a loss of KRW3,195.6 billion ($2.42 million) versus a net profit of KRW1,334 billion ($1.01 million) in 2021.
In March, LG Electronics inaugurated a new R&D facility in Hanoi, saying it will further nurture its existing auto parts-focused center, which the Korean tech giant opened in 2016. LG Electronics said it is ramping up research and development in Vietnam to serve LG’s rapidly growing electric vehicle-related business.
Samsung, another Korean tech giant, saw its four subsidiaries in Vietnam record after-tax profits of KRW6,055.9 billion ($4.67 billion) in 2022, up 16.28% year-on-year.
The four companies, namely Samsung HCMC CE Complex (SEHC) in Ho Chi Minh City, Samsung Electronics Vietnam (SEV) and Samsung Display Vietnam (SDV) both in Bac Ninh province, and Samsung Electronics Vietnam Thai Nguyen (SEVT) in Thai Nguyen province, recorded revenues of KRW92,031.9 billion ($71.02 billion) last year, up 12.18% year-on-year, according to the group’s latest financial statement.