Saturday, 22 Sep 2018
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ECONOMYINDUSTRY

Samsung Vietnam posts net profit of US$2 billion in Q1

Updated at Thursday, 28 Jun 2018, 22:27
The Hanoitimes - Samsung`s four subsidiaries in Vietnam posted a combined revenue of VND405 trillion (US$20.5 billion) and profit of VND41.1 trillion (US$2.08 billion) in the first quarter, both of which saw an increase of 50% year-on-year, according to Samsung`s quarterly financial statement.
Among those four, Samsung Display Vietnam (SDV) witnessed the highest growth rate in terms of revenue. Compared to the same period of last year, the company's  revenue increased by 50% and its profit rose seven-fold.
 
Illustration photo.
Illustration photo.
Samsung started the construction of its display production facility in late 2014 in Yen Phong Industrial Park, Bac Ninh province, on an unused land plot at Samsung Electronics' plant in Bac Ninh province.

The organic light-emitting diode (OLED) display modules produced in the province are used to supply for Samsung Electronics' manufacturing plants located in the provinces of Bac Ninh and Thai Nguyen.

Under SDV's plans, its production will be 220 million units in 2020. However, in fact, the target could be met as soon as in 2019, as the company produced 120 million units in the first ten months of 2017 and the figure for the entire year was estimated at 179 million units.

By the end of 2017, SDV's total assets were valued at US$10 billion, however, the figure reduced to US$7.5 billion after the first quarter of 2018, as the firm paid its debts.

The other there companies are Samsung Electronics Vietnam Bac Ninh (SEV), Samsung Electronics Vietnam Thai Nguyen (SEVT) and Samsung Electronics Ho Chi Minh (SEHC).

In just a decade, Samsung has increased its investment capital in Vietnam from US$670 million in 2008 to over US$17.3 billion in 2018.

In 2017, Vietnam's export turnover reached US$214 billion, of which Samsung alone contributed over US$54 billion, accounting for one fourth of the total.
Nguyen Tung
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