Samsung’s Vietnam subsidiary troubled by troubles in North America, Middle East
Samsung Electronics Vietnam Thai Nguyen (SEVT), the South Korean giant’s biggest subsidiary in Vietnam, says economic turbulence in North America and the Middle East have led to below-expectation results.
Kim Jin Sung, deputy director of SEVT, told Thai Nguyen province’s authorities Wednesday that the company’s flagship phone Galaxy S24 launched in January 2024 had done well, but subsequent products have been impacted by the economic turbulence abroad. This has prompted SEVT to set a moderate 3-4% growth target for 2025, he added.

SEVT deputy director Kim Jin Sung meets with Thai Nguyen authorities in the northern Vietnam province, October 16, 2024. Photo courtesy of Dien Dan Doanh Nghiep (Business Forum) magazine.
He asked the provincial authorities to extend further help with workforce training, infrastructure use fees and personnel for the semiconductor industry.
Thai Nguyen Chairman Nguyen Huy Dung said provincial authorities were willing to discuss issues with SEVT, even on a daily basis, via a digital connection. The province strives to promptly respond to all requests from foreign businesses, including SEVT, he added.
Dung noted a strong performance by SEVT would boost the province’s socioeconomic growth, so it was hoping the company would record good results in the last quarter of 2024.
Four Vietnamese subsidiaries of South Korean giant Samsung Electronics reported combined revenues of KRW42,017.3 billion ($31.38 billion) in the first half of 2024, up 8.6% year-on-year, but post-tax profits decreased 2% to KRW2,939.7 billion ($2.2 billion).
SEVT was the best performer. Its revenue rose 20.47% to KRW18,489 billion ($13.81 billion), while post-tax profit rose 30.17% to KRW1,518.3 billion ($1.13 billion). SEVT’s revenue was the second-highest among Samsung's subsidiaries globally, behind U.S.-based Samsung Electronics America, Inc.
- Read More
Indonesia invites Dutch firms to join Java giant sea wall project
Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has invited Dutch business actors to support its project to build a giant 500km sea wall along Java’s northern coastline - one of President Prabowo Subianto’s initiatives.
Southeast Asia - Thu, June 19, 2025 | 11:35 pm GMT+7
Sun Group subsidiary okayed as investor of Phu Quoc International Airport expansion project
Sun Airport Corporation, a subsidiary of Sun Group, has been approved as investor of the Phu Quoc International Airport expansion project in southern Vietnam.
Companies - Thu, June 19, 2025 | 11:13 pm GMT+7
Construction major Xuan Truong looks to build airport in northern Vietnam
Xuan Truong, a prominent Vietnamese construction firm, has proposed developing an international airport in Nam Dinh province, which will be merged with Ninh Binh and Ha Nam provinces this year.
Infrastructure - Thu, June 19, 2025 | 4:56 pm GMT+7
International financial center to significantly facilitate global capital access for Vietnam: StanChart exec
An international financial center could significantly improve access to global capital for Vietnamese enterprises, especially if it is managed by a unified regulatory body, said Nguyen Thuy Hanh, CEO and head of Banking and Coverage at Standard Chartered Vietnam.
Economy - Thu, June 19, 2025 | 4:09 pm GMT+7
Southern Vietnam's incomplete VSIP Can Tho Industrial Park attracts $300 mln in FDI
VSIP Can Tho Industrial Park, located in the Mekong Delta city of Can Tho, has attracted four tenants, with total registered investment capital of $300 million, despite it still being under construction.
Industrial real estate - Thu, June 19, 2025 | 3:09 pm GMT+7
AIA honors outstanding healthiest schools - Season 3
Sowing the seeds of healthy living habits for future generations is the inspiring goal of the AIA Healthiest Schools (AHS) initiative, launched by AIA Group across the Asia-Pacific region.
Companies - Thu, June 19, 2025 | 1:47 pm GMT+7
Indonesia, EU establish special desk to boost European investment
Indonesia and the EU have established a special desk to facilitate investment from EU countries in Indonesia, according to Indonesia's Investment Minister Rosan Roeslani.
Southeast Asia - Thu, June 19, 2025 | 1:22 pm GMT+7
ASEAN reaffirms commitment to advancing green energy agenda
The 43rd ASEAN Senior Officials Meeting on Energy (SOME), held from June 16-18, marked a significant milestone as member states reached consensus on key strategic agendas to deepen regional energy cooperation.
Southeast Asia - Thu, June 19, 2025 | 1:19 pm GMT+7
Thailand to submit formal trade proposal to US
Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira confirmed on Tuesday that the country will submit its formal trade proposal to the U.S. this week, with the first round of discussions to take place online.
Southeast Asia - Thu, June 19, 2025 | 1:15 pm GMT+7
Vinhomes subsidiary plans $35 mln golf course in northern Vietnam
A subsidiary of leading housing developer Vinhomes (HoSE: VHM) plans to build a VND886.5 billion ($35 million) golf course in Vietnam’s northern coastal province of Quang Ninh.
Real Estate - Thu, June 19, 2025 | 1:08 pm GMT+7
More AI will be used to identify tax fraud: Vietnam Minister of Finance
More artificial intelligence (AI) will be used to detect tax fraud and verify income of organizations and individuals that arises from digital platforms, said Minister of Finance Nguyen Van Thang.
Economy - Thu, June 19, 2025 | 12:12 pm GMT+7
HCMC set to become Southeast Asia’s global megacity: Party leader
Ho Chi Minh City will become "a global megacity of Southeast Asia" after its meger with Binh Duong and Ba Ria-Vung Tau provinces, said Vietnam’s Party chief To Lam.
Economy - Thu, June 19, 2025 | 8:20 am GMT+7
Proactively managing risk in volatile times
For business leaders, the question is not whether the next disruption will come, but whether your organizations will identify and adjust the risks that it brings, writes Douglas Matheson, chief risk and compliance officer at HSBC Vietnam.
Consulting - Thu, June 19, 2025 | 7:47 am GMT+7
Savills expert points out three drivers of FDI attraction in Vietnamese real estate
Vietnam’s real estate market is on the cusp of a boom in H2, fueled by sweeping legal reforms, proactive economic diplomacy, and a pivot toward emerging segments and flexible partnership models, said head of investment consulting at Savills Hanoi Nguyen Le Dung.
Companies - Wed, June 18, 2025 | 10:48 pm GMT+7
Petrovietnam, Petrolimex, Vingroup named Vietnam's biggest firms in Fortune ranking
Petrovietnam, Petrolimex, Vingroup, BIDV bank, and Agribank are among the 50 biggest companies in Southeast Asia, according to the Fortune Southeast Asia 500 Ranking 2025.
Economy - Wed, June 18, 2025 | 9:47 pm GMT+7
Korea Land and Housing Corporation eyes urban area project in northern Vietnam
Bac Ninh province's authorities on Wednesday met with Korea Land and Housing Corporation (LH) to discuss an urban area project in the southeastern part of Bac Ninh town, capital of the northern province.
Companies - Wed, June 18, 2025 | 8:58 pm GMT+7