Samsung’s profit falls in Vietnam, doubles globally in 2024

Samsung Electronics 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.

According to the South Korean chaebol’s consolidated financial statements, Samsung’s 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’s four major factories in Vietnam, namely Samsung Electronics Vietnam Thai Nguyen (SEVT), Samsung Display Vietnam (SDV), Samsung Electronics Vietnam (SEV), and Samsung Electronics HCMC CE Complex (SEHC), accounted for 25% of Samsung’s global revenue.

SEVT, headquartered in Thai Nguyen province, recorded a profit of KRW2,078.8 million ($1.4 billion) on a revenue of KRW32,962.6 million ($22.9 billion), down 7.2% but up 7.6%, respectively.

SEV, located in Bac Ninh province, posted a revenue of KRW21,294.7 million ($14.8 billion) and a profit of KRW1,359.3 million ($942.7 million), up 5.7% and 18.9% year-on-year, respectively.

The revenue and profit of SDV, also in Bac Ninh province, decreased 15.7% and 43% year-on-year to $14.1 billion and $583.6 million, respectively.

SEHC in Ho Chi Minh City recorded a 13.9% growth in revenue to $4.9 billion, but its profit edged down 5% to $264.8 million.

Samsung has invested $23.2 billion in Vietnam, making it the largest foreign investor in the country. In 2024, Samsung Vietnam earned a revenue of $62.5 billion, including an export income of $54.4 billion. The number of Vietnamese vendors in Samsung Vietnam ecosystem has reached 306.

Samsung’s latest investment in Vietnam was SDV pouring $1.2 billion in making displays in Bac Ninh province.