Friday , September 29 2023

Samsung Vietnam posts 14 pct revenue growth in pandemic-hit year

Samsung Vietnam posted a revenue growth of 14 percent to $74.2 billion last year, despite Covid-19 impacts.

The company exported $65.5 billion worth of products, up 16 percent from 2020.

It said the results were achieved because its factories strictly imposed anti-pandemic regulations and received government support.

The main contributions to its 2021 revenue came from the two smartphones Galaxy Z Fold 3 and Galaxy Z Flip 3.

The company sold four foldable smartphones globally last year, quadrupling from 2020.

Over 50 percent of Samsung’s smartphones are produced in Vietnam, and are exported to 128 countries and territories.

Choi Joo ho, Samsung Vietnam CEO, affirmed the pandemic does not impact Samsung’s investment strategy in Vietnam, and the company has been pouring millions of dollars more into the country to stabilize its factories, increase productivity and quality.

By the end of last year, Samsung had invested $18 billion into Vietnam.

It has six factories in the country, located in the northern provinces of Bac Ninh and Thai Nguyen and in Ho Chi Minh City.

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