Samsung SDI allocates $2 mln to pay global minimum tax in Vietnam in 2024
Samsung SDI, the battery arm of Samsung, “recognized” a global minimum tax (GMT) expense of KRW2,838 million ($2 million) in Vietnam in 2024.
In its 2024 performance review, Samsung SDI clarified that the effective tax rate in Vietnam is less than 15% and Samsung SDI is liable to pay a top-up tax for the difference between the effective tax rate and the GMT rate of 15%.
According to the review, Samsung SDI Vietnam, 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.
Regarding its global performance, Samsung SDI posted a post-tax profit of KRW575.5 billion ($402.3 million) on a revenue of KRW16,592.2 billion ($11.6 billion), down 72.2% and 22.6% year-on-year, respectively.
Samsung SDI Vietnam factory in Bac Ninh province, northern Vietnam. Photo courtesy of the firm.
Samsung has invested $23.2 billion in Vietnam, making it the largest foreign investor in the country. The number of Vietnamese vendors in the Samsung Vietnam ecosystem has reached 306.
Regarding GMT, Samsung Electronics, the key company of Samsung, said it allocated a sum of KRW429.8 billion ($315.5 million) to pay the tax. It also highlighted that it had to pay additional tax in Vietnam due to the GMT, while subsidiaries in other nations are not impacted or impacted minimally due to the GMT.
- Related News
- Read More
Heavyweight Hoa Phat benefits most from Vietnam's anti-dumping duty on China’s steel
Hoa Phat, Vietnam's biggest steel manufacturer, is the biggest beneficiary of the country's decision to impose an anti-dumping tax on hot-rolled coils (HRC) imported from China.
Finance - Tue, February 25, 2025 | 8:17 am GMT+7
Road linking Gia Binh airport with Hanoi must be completed in 2 years: Vietnam PM
A road linking Gia Binh Airport in the northern province of Bac Ninh to downtown Hanoi must be completed within a maximum of two years, said Prime Minister Pham Minh Chinh.
Infrastructure - Mon, February 24, 2025 | 11:45 pm GMT+7
Vietnam PM requests probe into banks with increased deposit interest rates
Prime Minister Pham Minh Chinh has requested the State Bank of Vietnam, the country's central bank, to immediately inspect banks that have lifted their deposit interest rates, a driver of increased lending rates.
Banking - Mon, February 24, 2025 | 11:37 pm GMT+7
Thailand unveils AI-, IoT-based smart agriculture platform
Thailand has launched a new smart farming platform named “HandySense B-Farm” which harnesses the power of smart sensors, artificial intelligence (AI) and Internet of Things (IoT) to help farmers control and manage their farms efficiently.
Southeast Asia - Mon, February 24, 2025 | 10:33 pm GMT+7
Indonesia strives to escape middle-income trap
Indonesian Minister of National Development Planning (PPN) Rachmat Pambudi has said Indonesia needs to transform its economy to escape the middle-income trap and achieve the Golden Indonesia Vision by 2045.
Southeast Asia - Mon, February 24, 2025 | 10:32 pm GMT+7
Indonesia seeks waste management technology
Indonesian Environment Minister Hanif Faisol Nurofiq informed that his ministry has held discussions with various parties to explore the potential for funding cooperation for the procurement of waste management technology.
Southeast Asia - Mon, February 24, 2025 | 10:31 pm GMT+7
Explosions shake southern Thailand ahead of former PM Thaksin’s visit
Bomb blasts hit Thailand’s southern provinces just before former Prime Minister Thaksin Shinawatra’s visit on Sunday.
Southeast Asia - Mon, February 24, 2025 | 10:13 pm GMT+7
Vietnam's commercial banks upbeat to book high profits for 2025
As the annual shareholders' meeting season is approaching, Vietnamese banks are unveiling optimistic profit targets for 2025 on the expectation of strong economic growth and credit recovery.
Southeast Asia - Mon, February 24, 2025 | 10:03 pm GMT+7
Criteria for evaluation of FDI efficiency in Vietnam issued
A set of 42 criteria for the evaluation of foreign direct investment (FDI) efficiency in Vietnam has been released following the issuance of prime ministerial Decision 315/QD-TTg.
Southeast Asia - Mon, February 24, 2025 | 9:48 pm GMT+7
Vietnamese goods gains competitive edge in Dutch market
Vietnam's exports will continue to enjoy a strong competitive advantage in the Dutch market due to tariff reductions under the EU-Vietnam Free Trade Agreement (EVFTA), according to the Vietnam Trade Office in the Netherlands.
Southeast Asia - Mon, February 24, 2025 | 9:38 pm GMT+7
Thailand to boost medical economy
Smart investment in the medical and wellness industry will generate a substantial proportion of the national income this year, said Thai Public Health Minister Somsak Thepsutin.
Southeast Asia - Mon, February 24, 2025 | 9:35 pm GMT+7
Singapore places high-stake bet on semiconductor industry
Singapore is doubling down on the industry that sparked the global trade war, according to Bloomberg.
Southeast Asia - Mon, February 24, 2025 | 9:32 pm GMT+7
Central Vietnam city auctions 'golden' land related to convicted real estate tycoon
A prime land plot located at the center of Danang city, which was previously linked to the case of real estate tycoon Phan Van Anh Vu (also known as Vu 'Nhom'), is being auctioned with a starting price of VND59.2 million ($2,319) per square meter.
Real Estate - Mon, February 24, 2025 | 8:00 pm GMT+7
De Heus, Vietnam partners start 3 agricultural projects worth $24 mln
Dutch agribusiness De Heus and its Vietnamese partners kicked off the construction of three agricultural projects worth VND620 billion ($24.3 million) in the southern province of Tay Ninh on Monday.
Companies - Mon, February 24, 2025 | 4:58 pm GMT+7
Northern Vietnam province urges Huawei to invest in semiconductors, training
Bac Ninh, the biggest recipient of registered foreign direct investment (FDI) in Vietnam in 2024, has urged Chinese giant Huawei to invest in the province, especially in semiconductors and workforce training.
Companies - Mon, February 24, 2025 | 4:55 pm GMT+7
Vietnam's PV Gas Pipe inks comprehensive cooperation deal with S Korea's Nexteel
PV Gas Pipe, a member company of PV Gas, signed a memorandum of agreement (MoA) with South Korean steel pipe manufacturer Nexteel Co., Ltd., in Ho Chi Minh City last week.
Companies - Mon, February 24, 2025 | 2:58 pm GMT+7
