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.
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