Qualcomm earns $39 bln revenue, Vietnam 2nd biggest market

American chipmaker Qualcomm earned a revenue of $38.96 billion in fiscal year 2024 (ending September 29), including 12% from Vietnam, the second-highest portion among all nations.

According to Qualcomm’s annual report for fiscal year 2024, China (including Hong Kong) was the biggest market with 66% of Qualcomm revenue.

Vietnam came second with 12%, equivalent to $4.7 billion. Other major markets were the United States with 3% and South Korea with 7%.

Qualcomm clarified the result was based on the location to which its products or services were delivered, such as the country in which Qualcomm’s customers manufacture their products.

The result was not necessarily indicative of the country in which the devices containing Qualcomm products and/or intellectual property are ultimately sold to consumers, the firm added.

Vietnam’s figure for fiscal year 2024 was an improvement from $4.55 billion in fiscal year 2023, lower than $6.06 billion in fiscal year 2022, and higher than $3.11 billion in fiscal year 2021.

Qualcomm, known for its Snapdragon chips, focuses on providing products and services for mobile phones, such as wireless connectivity, artificial intelligence (AI), 3G-4G-5G technology.

In Vietnam, Qualcomm launched a research & development (R&D) center in Hanoi in 2020, also the firm’s first R&D center in Southeast Asia. This center focuses on wireless technology and Internet of Things (IoT).