Revenue of Samsung Electro-Mechanics in Vietnam up 28% in 2024

Samsung Electro-Mechanics Vietnam (SEM Vietnam), the semiconductor and camera module arm of South Korean chaebol Samsung, earned a revenue of KRW2,718.5 billion ($1.86 billion) in Vietnam in 2024, up 28% year-on-year.

According to SEM’s annual report 2024, it posted a profit of KRW102.6 billion ($70.3 million) last year, up 65% year-on-year.

SEM Vietnam’s revenue is the third highest among all subsidiaries of SEM, only behind Tianjin Samsung Electro-Mechanics and Samsung Electro-Mechanics (Shenzhen), both based in China.

The profit of the Vietnamese subsidiary is the second-highest one, only lower than that of Tianjin Samsung Electro-Mechanics.

SEM started investing in the northern province of Thai Nguyen in 2013. It raised the registered capital to $2.54 billion in May 2022, also the ninth adjustment.

Covering 31 hectares in Yen Binh Industrial Park, SEM Vietnam factory has a monthly capacity of 73,000 square meters of high density printed circuit boards, 10 million camera modules, 16 million lens, and 14.7 million actuators.

Samsung has invested $23.2 billion in Vietnam, making it the largest foreign investor in the country. The number of Vietnamese vendors in Samsung Vietnam ecosystem has reached 306.

Last year, Samsung Electronics, the key company of the chaebol, recorded a profit of $25.3 billion in 2024, up 122% year-on-year, but the total profit of its four major factories in Vietnam fell 11.4% to $3.2 billion.

Samsung Electronics’ global revenue went up 16.2% year-on-year to $220.7 billion last year, but the figure in Vietnam inched down 0.6% to $56.3 billion.

Samsung SDI Vietnam, the battery arm of Samsung, based in the northern province of Bac Ninh, recorded a net profit of KRW30,215 million ($21.1 million) on a revenue of KRW1,100.5 billion ($769.3 million) in 2024. The figures went down 4.5% and up 8.5% year-on-year, respectively.