Samsung Thai Nguyen (SEVT), the Korean conglomerate’s best-performing plant in Vietnam, accounted for $707 million.

The two plants in Bac Ninh Province, Samsung Electronics Vietnam (SEV) and Samsung Display Vietnam (SDV), contributed $300 million and $123 million.

Samsung Electronics HCMC CE Complex (SEHC) was $40.7 million in the black.

They accounted for 23% of their parent’s quarterly profit.

Their revenues totaled $16.25 billion, up nearly $2 billion from the previous quarter.

In the final quarter of 2023 SEV, SEVT and SEHC reported combined losses of nearly $221 million, with SDV being the only profitable operation.

Last quarter Samsung achieved global revenues of 71.92 trillion won ($54 billion), up 13% year-on-year.

It said revenues increased thanks to the sales of the Galaxy S24 smartphone series and higher semiconductor prices.

The depreciation of the won against major currencies had a positive impact on profits, it said.

During a meeting with Prime Minister Pham Minh Chinh last month, the company’s CFO, Park Hark Kyu, said it plans to invest a further $1 billion annually in Vietnam to add to its existing $22 billion.

It also plans to increase its number of local suppliers and enhance training for its workforce, he said.

Since 2014 the number of Vietnamese businesses involved in Samsung's supply chain has increased 12-fold to 309 now.

It is the largest foreign direct investor in Vietnam, where it currently produces over 50% of all its mobile phones.

Prime Minister hosts CFO of Samsung Group

Prime Minister Pham Minh Chinh hosted a reception in Hanoi on October 31 for Chief Financial Officer of Samsung Group Park Hark Kyu.

Samsung Vietnam Company gives scholarships to 200 VKTech’s students

BAC GIANG- Samsung Display Vietnam Company Limited in Yen Phong industrial park, Bac Ninh province on October 16 collaborated with Vietnam-Korea College of Technology (VKTech) to present 200 scholarships to outstanding students of the College, each worth 5 million VND (203 USD).

PM calls on Samsung to hire Vietnamese managers

Prime Minister Pham Minh Chinh has asked Samsung Electronics Vietnam to hire more Vietnamese as executives and managers.

Industry ministry, Samsung jointly train molding technicians

The Ministry of Industry and Trade (MoIT) and Samsung Vietnam kicked off the sixth batch of the training programme for molding technicians of Vietnam on June 26.

LG, Samsung leaders accompany president Yoon in Vietnam visit

Leaders of 205 Korean firms, including Samsung Electronics, SK, Hyundai Motor, LG, and Lotte, are accompanying President Yoon Suk Yeol during a state visit to Vietnam.

Source: VnExpress