Q1 profit of Samsung’s 4 major Vietnam plants drops 39% to lowest in decade
Four major factories of Samsung Electronics in Vietnam posted a total profit of KRW966 billion ($689.4 million) in the first quarter of this year, down 39% year-on-year.
This was the lowest first-quarter profit recorded by Samsung Electronics Vietnam since 2016, according to the South Korean conglomerate’s Q1 consolidated financial statements.
Meanwhile, total revenue from the four factories rose slightly by 3.8% year-on-year to KRW22.8 trillion ($16.28 billion).
The Samsung Electronics Vietnam plant in Bac Ninh province, northern Vietnam. Photo courtesy of Samsung.
Samsung’s four key factories in Vietnam include Samsung Electronics Vietnam Thai Nguyen (SEVT), Samsung Display Vietnam (SDV), Samsung Electronics Vietnam (SEV), and Samsung Electronics HCMC CE Complex (SEHC).
SEVT, headquartered in the northern province of Thai Nguyen, recorded a profit of KRW385.6 billion ($275.2 million) on a revenue of KRW10.75 trillion ($7.67 billion), down 59.6% and 2.5% year-on-year, respectively.
SEV, located in the northern province of Bac Ninh, posted a revenue of KRW6.34 trillion ($4.5 billion) and a profit of KRW312.9 billion ($223.3 million), down 22.7% but up 11.6% year-on-year, respectively.
SDV, also in Bac Ninh province, saw its Q1 revenue inch up 3% to KRW3.69 trillion ($2.6 billion), while profit fell 28.2% to KRW120.5 billion ($86 million).
SEHC in Ho Chi Minh City recorded KRW2.03 trillion ($1.4 billion) in revenue and KRW146.97 billion ($104.89 million) in profit, up 66.8% and 20.5% year-on-year, respectively.
Samsung has invested $23.2 billion in Vietnam, making it the largest foreign investor in the country. In 2024, Samsung Vietnam earned a revenue of $62.5 billion, including an export income of $54.4 billion. The number of Vietnamese vendors in the Samsung Vietnam ecosystem has reached 306.
In its recent expansion efforts, SDV pledged to invest $1.8 billion in Bac Ninh province to boost OLED display production for mobile phones, IT devices, and automobiles. The company received provincial approval to invest an additional $1.2 billion in January and was granted another investment certificate this month.
In March, Samsung Vietnam appointed Na Ki Hong as its general director, succeeding Choi Joo Ho.
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