Friday , March 24 2023

Samsung Vietnam factories fetch nearly $71B revenues

Samsung Vietnam’s four factories recorded a revenue of nearly $71 billion last year, accounting for 30% of the South Korean’s electronic giants.

The four factories posted a profit of $4.6 billion, according to the giant’s earnings report.

Of the four, Samsung Thai Nguyen was the leading revenue maker by earning KRW36.3 trillion ($28 billion), up 13% from 2021.

The factory saw profit surging 18% to KRW2.71 trillion.

Samsung Thai Nguyen in the northern eponymous province is the largest smartphone factory of Samsung globally. The South Korean giant has invested over $7.5 billion in the facility to date.

Samsung Electronics in the northern Bac Ninh Province in 2022 saw revenues rising 9.6% to KRW23.67 trillion. It posted a profit of $1.27 billion. The facility remains one of the top producers of Samsung’s global network.

Samsung Display, also in Bac Ninh, saw revenues surging 18.6% to KRW25.77 trillion last year. Its profit was $1 billion.

Samsung’s only plant in Ho Chi Minh City, Samsung Electronics HCMC CE Complex, posted a revenue of KRW6.2 trillion last year while profit marginally dropped from 2021 to $300 million.

Also last year Samsung launched its first research and development center in Hanoi with an investment of $220 million.

Samsung has so far invested $18 billion in Vietnam and plans to bring the figure to $20 billion. Half of its smartphones are produced in the country.

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