Samsung Vietnam reports $1.18 bln in Q2 profit

By Tri Duc
Wed, September 21, 2022 | 5:06 pm GTM+7

South Korean tech giant Samsung’s four subsidiaries in Vietnam earned profits of KRW1,652 billion ($1.18 billion) in the second quarter, up 40.42% year-on-year.

As the country staged a post-pandemic recovery, Samsung’s total Q2 revenues soared 45.91% to $16.23 billion, according to the tech giant’s newly-released financial report.

Samsung Electronics Vietnam Thai Nguyen (SEVT) factory in Thai Nguyen province, northern Vietnam. Photo courtesy of Samsung Vietnam.

Samsung Electronics Vietnam Thai Nguyen (SEVT) factory in Thai Nguyen province, northern Vietnam. Photo courtesy of Samsung Vietnam.

In the first half of the year, the four units had earned profits of $2.42 billion on revenues of $33.44 billion, up 29.77% and 32.59% year-on-year, respectively.

Of the four, Samsung HCMC CE Complex (SEHC) in Ho Chi Minh City was the best first-half performer, with profits of $1.39 billion on revenues of $14.73 billion, up 74.9% and 45.7% year-on-year, respectively.

It was followed by Samsung Electronics Vietnam (SEV), located in the northern province of Bac Ninh, whose corresponding figures were $665.4 million on $8.41 billion, up 5.8% and 24.26%.

Samsung Display Vietnam (SDV), also in Bac Ninh province, saw first-half profits plunge 55.35% year-on-year to $134.5 million on revenues of $7.75 billion, up 34.29%.

Samsung Electronics Vietnam Thai Nguyen (SEVT), located in the northern eponymous province, recorded profits of $234.6 million and revenues of $2.55 billion in the first half, up 64.2% and down 0.87% year-on-year, respectively.

Samsung is the largest foreign investor in Vietnam. About 60% of the tech giant's smartphones are made in the country. The group had invested more than $20 billion as of June 2022, about 28 times higher than its initial commitment.

Samsung Electronics is preparing for the trial production of flip-chip ball grid array in Vietnam, with commercial production slated to begin next July at its factory in Thai Nguyen.

This information was revealed during a meeting on August 5 in Hanoi between Roh Tae-moon, president and head of smartphone business of Samsung Electronics, and Prime Minister Pham Minh Chinh.

Flip-chip BGA is a mid-cost, high-performance, semiconductor packaging solution that utilizes the controlled collapse chip connection technology, also known as flip chip, for its die to substrate interconnection.

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