Samsung's Vietnam subsidiaries reap $4.67 bln profit in 2022

By Tri Duc
Sat, February 18, 2023 | 1:15 pm GMT+7

South Korean tech giant Samsung’s four subsidiaries in Vietnam reported after-tax profits of KRW6,055.9 billion ($4.67 billion) in 2022, up 16.28% year-on-year.

The four companies, namely Samsung HCMC CE Complex (SEHC) in Ho Chi Minh City, Samsung Electronics Vietnam (SEV) and Samsung Display Vietnam (SDV) both in Bac Ninh province, and Samsung Electronics Vietnam Thai Nguyen (SEVT) in Thai Nguyen province, recorded revenues of KRW92,031.9 billion ($71.02 billion) last year, up 12.18% year-on-year, according to the group’s latest financial statement.

SEHC in HCMC was the worst performer with an after-tax profit of KRW386.12 billion ($297.95 million) on a revenue of KRW6,253.4 billion ($4.83 billion), down 18.31% and 4.55% year-on-year, respectively.

SEVT in the northern province of Thai Nguyen showed the best performance with a profit after tax of KRW2,721.7 billion ($2.1 billion), up 18.42% year-on-year, and a revenue of KRW36,336.9 billion ($28.04 billion), up 12.9%.

Samsung's factory in Bac Ninh province, northern Vietnam. Photo courtesy of the company.

Samsung's factory in Bac Ninh province, northern Vietnam. Photo courtesy of the company.

SEV in the northern province of Bac Ninh saw its post-tax profit jump 13.08% to KRW1,646.2 billion ($1.27 billion), while revenue increased 9.66% year-on-year to KRW23,667.6 billion ($18.26 billion).

SDV, also in Bac Ninh, posted a 32.67% increase in after-tax profit year-on-year to KRW1,301.9 billion ($1 billion). Its revenue rose 18.65% to KRW 25,773.9 billion ($19.89 billion).

On a global scale, Samsung Electronics earned a post-tax profit of $43.1 billion last year, up 39.46% year-on-year. Its revenue expanded 8.09% to $234.08 billion.

This means the after-tax profit that Samsung earned in Vietnam accounted for nearly 11% of the giant's global figure.

Samsung Group sees 2023 as a significant milestone in Vietnam as it is the Korean giant’s 15th year of massive investments in the country, said Samsung Vietnam CEO Choi Joo Ho. He noted this year marked an elevation of the importance of Vietnam not only as a manufacturing hub but also as a center for research and development.

Samsung inaugurated its largest Southeast Asia research and development center in Hanoi last December.

In Vietnam, Samsung Electronics is operating smartphone, TV, display panel, and home appliances factories. The country’s Samsung smartphone factories are responsible for producing almost half of the company’s Galaxy smartphones.

To date, Samsung has invested over $18 billion in Vietnam to become the largest single foreign investor here and has plans to add $2 billion.

Comments (0)
  • Read More
Hot real estate prices not a good sign for Vietnam: association exec

Hot real estate prices not a good sign for Vietnam: association exec

Recent fluctuations in real estate prices in suburban areas and the surge in land auction prices are issues of concern, said Nguyen Van Dinh, vice chairman of the Vietnam Real Estate Association (VNREA).

Real Estate - Sat, November 9, 2024 | 9:27 pm GMT+7

200 billionaires to attend Art for Climate Festival in northern Vietnam

200 billionaires to attend Art for Climate Festival in northern Vietnam

Around 200 billionaires are expected to attend an Art for Climate Festival that the United Nations Alliance for Sustainable Development Goals (UnASDG) is jointly organizing early next year in the northern province of Quang Ninh.

Industries - Sat, November 9, 2024 | 7:18 pm GMT+7

Vietnam can achieve two-digit GDP growth if bottlenecks removed: PM

Vietnam can achieve two-digit GDP growth if bottlenecks removed: PM

Vietnam can achieve two-digit GDP growth rates in the coming decades if institutional bottlenecks are cleared and all resources are mobilized, Prime Minister Pham Minh Chinh asserted at a regular cabinet meeting on Saturday.

Economy - Sat, November 9, 2024 | 4:14 pm GMT+7

PYN Elite sees returns down 1.7% in October, first time since May

PYN Elite sees returns down 1.7% in October, first time since May

Finland-based PYN Elite Fund has said it recorded returns of negative 1.7% month-on-month in October, the first decline since May this year.

Finance - Sat, November 9, 2024 | 2:26 pm GMT+7

Philippines’ rice imports surpass 2023 level

Philippines’ rice imports surpass 2023 level

The Philippines’ rice imports so far this year have surpassed last year's level and can hit 4.2 million metric tons by end-2024, said Department of Agriculture's technical advisory group member and former undersecretary for rice industry development Leocadio Sebastian.

Southeast Asia - Sat, November 9, 2024 | 1:58 pm GMT+7

Indonesia, Canada discuss expediting completion of comprehensive economic pact

Indonesia, Canada discuss expediting completion of comprehensive economic pact

Indonesian Deputy Trade Minister Dyah Roro Esti expressed optimism that the 10th round of the negotiations on the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) will run smoothly and produce a substantial agreement.

Southeast Asia - Sat, November 9, 2024 | 1:54 pm GMT+7

Indonesia considers Apple’s $10 mln investment proposal

Indonesia considers Apple’s $10 mln investment proposal

Indonesian Deputy Minister of Industry Faisol Riza said at a Wednesday press meet that he has heard about Apple's plan to invest $10 million in Indonesia and hoped that this commitment will be fulfilled.

Southeast Asia - Sat, November 9, 2024 | 1:50 pm GMT+7

Indonesia shifts focus to upgrading existing airports

Indonesia shifts focus to upgrading existing airports

Indonesia has decided to put the brakes on a IDR14 trillion (over $888 million) project to build a fourth terminal at Soekarno-Hatta International Airport, the country's largest and busiest aviation hub.

Southeast Asia - Sat, November 9, 2024 | 1:46 pm GMT+7

Chairman of Vietnam's leading corp. BIM Group passes away

Chairman of Vietnam's leading corp. BIM Group passes away

Doan Quoc Viet, chairman and founder of BIM Group, one of Vietnam's largest multi-sector corporations, died on Thursday at the age of 70.

Companies - Sat, November 9, 2024 | 12:43 pm GMT+7

Vietnam's T&T Energy, China firms to cooperate in battery energy storage systems

Vietnam's T&T Energy, China firms to cooperate in battery energy storage systems

T&T Energy Group JSC, under Vietnamese conglomerate T&T Group, will collaborate with Chinese firms Cospowers and Goldwind in battery energy storage systems (BESS).

Energy - Sat, November 9, 2024 | 12:12 pm GMT+7

Taiwan firms opens $15 mln factory in Vietnam, to export cameras, lens to Japan, US

Taiwan firms opens $15 mln factory in Vietnam, to export cameras, lens to Japan, US

Ability Electronics Technology Vietnam, under Taiwanese manufacturer and designer of optical devices Ability Enterprise, opened its $15 million factory in the northern province of Vinh Phuc on Friday.

Industries - Sat, November 9, 2024 | 10:41 am GMT+7

Vietnam’s long-term appeal for FDI to boost industrial real estate stocks: analysts

Vietnam’s long-term appeal for FDI to boost industrial real estate stocks: analysts

Vietnam’s long-term appeal for foreign direct investment is likely to boost the stocks of industrial real estate developers in the near future, analysts say.

Industrial real estate - Sat, November 9, 2024 | 9:29 am GMT+7

'Trump' a keyword in economic outlook for 2025: Dragon Capital exec

'Trump' a keyword in economic outlook for 2025: Dragon Capital exec

The biggest unknown and major factor affecting global economic outlook in 2025, including that of Vietnam's, will be Donald Trump's second term as U.S President, says Le Anh Tuan, head of Investment at Dragon Capital Group.

Economy - Sat, November 9, 2024 | 7:59 am GMT+7

Taiwan textile giant Far Eastern ups investment in Vietnam province to $1.54 bln

Taiwan textile giant Far Eastern ups investment in Vietnam province to $1.54 bln

Far Eastern Polytex Vietnam, a Taiwan-invested textile firm, is set to launch its third-phase investment in Vietnam’s southern province of Binh Duong later this year as scheduled, said CEO Yeh Ming Yuh.

Industries - Fri, November 8, 2024 | 10:24 pm GMT+7

TikTok, Shopee execs advise Vietnamese firms to stay ahead of market trends

TikTok, Shopee execs advise Vietnamese firms to stay ahead of market trends

Vietnamese businesses must understand market trends and stay ahead of them to succeed in sales, says Phan Manh Ha, head of external relations at Shopee Vietnam.

Companies - Fri, November 8, 2024 | 8:26 pm GMT+7

Vietnam carries high potential market for water purifying systems: Taiwanese exec

Vietnam carries high potential market for water purifying systems: Taiwanese exec

Taiwanese firm Mbranfiltra is seeking Vietnamese partners to exploit the high potential it sees for its products, including one it has just introduced in the Vietnamese market – a portable water bottle with a filter.

Companies - Fri, November 8, 2024 | 7:10 pm GMT+7