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
Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center

Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center

Vietnam’s leading conglomerate Vingroup and the Middle East-focused Benya Technologies will jointly explore opportunities to invest in a $3.5 billion data center in Vietnam.

Industries - Wed, October 30, 2024 | 3:43 pm GMT+7

Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB

Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB

The Commonwealth Bank of Australia (CBA) has sold a further 10% stake in Vietnam International Commercial Joint Stock Bank (VIB).

Banking - Wed, October 30, 2024 | 1:17 pm GMT+7

Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam

Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam

State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.

Energy - Wed, October 30, 2024 | 11:01 am GMT+7

Emirates seeks to expand presence in Vietnam

Emirates seeks to expand presence in Vietnam

Emirates, the flagship carrier of the UAE, has signed two separate memorandums of understanding (MoUs) with Vietnam Airlines and Vietjet as part of the airline's efforts to expand its footprint in Vietnam.

Companies - Wed, October 30, 2024 | 10:02 am GMT+7

Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts

Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts

While Q3 results among Vietnam’s steelmakers are a mixed bag of gradual recovery and continued losses, there are several factors pointing to a brighter outlook for the industry, analysts say.

Industries - Wed, October 30, 2024 | 8:00 am GMT+7

Former National Assembly General Secretary faces disciplinary action

Former National Assembly General Secretary faces disciplinary action

The Party Central Committee’s Inspection Commission has proposed competent authorities take disciplinary action against Bui Van Cuong, who stepped down last week as the National Assembly’s General Secretary.

Politics - Tue, October 29, 2024 | 11:10 pm GMT+7

Indonesia aims to become Southeast Asia's EV production hub

Indonesia aims to become Southeast Asia's EV production hub

Indonesia is actively seeking to boost investment in a bid to establish itself as a center for electric vehicle (EV) and battery production in Southeast Asia.

Southeast Asia - Tue, October 29, 2024 | 10:38 pm GMT+7

Singapore trials autonomous vehicles on public roads for cargo transportation

Singapore trials autonomous vehicles on public roads for cargo transportation

Singapore’s FairPrice Group (FPG) recently announced that it has become the first organization in the country to receive approval from the Land Transport Authority (LTA) for the final stages of trials to use autonomous vehicles (AVs) on public roads for cargo transportation.

Southeast Asia - Tue, October 29, 2024 | 10:37 pm GMT+7

Malaysia promotes green energy transition

Malaysia promotes green energy transition

The Malaysian Government has increased the National Energy Transition Facility Fund allocation to over RM300 million ($60.80 million) in the 2025 budget from only RM100 million this year.

Southeast Asia - Tue, October 29, 2024 | 10:35 pm GMT+7

Singapore spends $270 mln on AI infrastructure, human resources

Singapore spends $270 mln on AI infrastructure, human resources

Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.

Southeast Asia - Tue, October 29, 2024 | 10:34 pm GMT+7

Vietnam gov’t removes curbs on retail investors in private bond offerings

Vietnam gov’t removes curbs on retail investors in private bond offerings

The Vietnamese government has dropped initially drafted restrictions on retail investors of corporate bonds via private placements in a move to beef up the local stock market after recent financial scandals.

Finance - Tue, October 29, 2024 | 10:16 pm GMT+7

Germany’s PNE seeks Vietnam partners for $4.6 bln offshore wind power project

Germany’s PNE seeks Vietnam partners for $4.6 bln offshore wind power project

Germany-based wind energy developer PNE AG is seeking “sustainable partners” in Vietnam to deploy the $4.6 billion Hon Trau offshore wind power project in the central coastal province of Binh Dinh.

Energy - Tue, October 29, 2024 | 6:55 pm GMT+7

E-wallet turned financial assistant MoMo banks on ‘power of small things’: exec

E-wallet turned financial assistant MoMo banks on ‘power of small things’: exec

MoMo e-wallet believes in the power of small things, Vietnamese ingenuity, technological advancement, and positive change, says Nguyen Manh Tuong, co-founder, vice chairman of the board, and CEO of MoMo.

Companies - Tue, October 29, 2024 | 6:29 pm GMT+7

Keppel subsidiary M1 buys 70% stake in Vietnamese IT firm ADG for $29 mln

Keppel subsidiary M1 buys 70% stake in Vietnamese IT firm ADG for $29 mln

M1 Limited (M1), a telecommunications firm under Singaporean conglomerate Keppel, will acquire a 70% stake in Vietnam-based information technology (IT) solutions provider ADG for SGD37.8 million ($28.5 million).

Companies - Tue, October 29, 2024 | 4:27 pm GMT+7

Vietnam’s Masan MEATLife posts $4.14 million in Q3 after-tax profit

Vietnam’s Masan MEATLife posts $4.14 million in Q3 after-tax profit

Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, recorded net profit after tax and pre-minority interest (NPAT Pre-MI) of VND105 billion ($4.14 million) in the third quarter of 2024.

Companies - Tue, October 29, 2024 | 3:25 pm GMT+7

Vietnam’s PV Gas, Russia’s Zarubezhneft to further core area cooperation

Vietnam’s PV Gas, Russia’s Zarubezhneft to further core area cooperation

PV Gas, under state-owned Petrovietnam, and Russia’s state-owned Zarubezhneft will further cooperate in oil-gas and energy activities, the former said on Monday.

Energy - Tue, October 29, 2024 | 3:05 pm GMT+7