Samsung Vietnam earns US$4.3 billion in profit in 2019
The profit, however, was lower than US$4.7 billion Samsung made in 2018, marking a decline in Samsung Vietnam’s profit for a second consecutive year.
Four major subsidiaries of Samsung in Vietnam in 2019 reached a combined US$65.8 billion, a slight decline from US$67.1 billion recorded one year earlier, and made a profit of US$4.3 billion, according to Samsung’s consolidated financial statement.
| Data: Samsung. Chart: Ngoc Thuy. |
The profit, however, was lower than US$4.7 billion in 2018, marking a decline in Samsung Vietnam’s profit for a second consecutive year.
Unlike the other three sister companies, Samsung Display Vietnam (SDV) saw its revenue down from US$18.1 billion in 2018 to US$14.3 billion in 2019, leading to a decrease of 40% in SDV’s profit.
| Data: Samsung. Chart: Ngoc Thuy. |
Meanwhile, revenue of Samsung Electronics Vietnam Thai Nguyen (SEVT) climbed 9% year-on-year to US$28.2 billion, and that of Samsung Electronics Vietnam Bac Ninh (SEV) slightly declined to US$19.2 billion from US$19.5 billion a year earlier.
Samsung Electronics Ho Chi Minh (SEHC), another subsidiary of Samsung in Vietnam, recorded an increase of 10% year-on-year in revenue to US$4.2 billion.
In the global market, Samsung’s after-tax profit suffered a sharp decline of 50% from US$38 billion in 2018 to US$18.7 billion in 2019.
According to Samsung's statistics, around 50% of Samsung's smartphones and tablets are produced in Vietnam and exported to 128 countries and territories, including the US, Europe, Russia and Southeast Asia.
In the 2008 – 2018 period, Samsung increased its total investment in Vietnam from US$670 million to over US$17.3 billion, a 26-fold increase.
In early March, Samsung Vietnam started construction its largest R&D center in Southeast Asia in the West of Hanoi for investment capital of US$220 million. The company expected Vietnam would not only be its largest production hub, but also a strategic base for R&D.
