TIẾNG VIỆT Samsung Electronics reports H1 profit at $1.8 billion from Vietnam business
A Samsung smartphone plant in Bac Ninh Province in northern Vietnam. The South Korean company operates two huge smartphone factories in the Southeast Asian country. (Photo by Tomoya Onishi)
In the first 6 months, combined revenue of Samsung Bac Ninh, Samsung Thai Nguyen, Samsung Display and Samsung Electronics Ho Chi Minh City was $27 billion. Profit of the 4 Vietnam plants was reported at about $1.8 billion.
The Samsung Electronics Vietnam in Thai Nguyen province recorded a profit at 1.24 trillion South Korean won ($1.1 billion) in the six-month period. Samsung Electronics Vietnam in Bac Ninh province reported profit at 652 billion Korean won ($581 million).
Samsung Electronics Ho Chi Minh City’s profit at 204.8 billion Korean won ($182.5 million), while Samsung Display Vietnam suffer a loss at 5,7 billion Korean won ($5 million).
Samsung Display reported loss after having profit in four consecutive quarters.
While Samsung Display suffered loss, Samsung Bac Ninh and Samsung Thai Nguyen's Q2 profits dropped compared to the first quarter, but increased slightly if compared with the same period in 2019.
In 2019, Samsung Vietnam earned $4.3 billion in profit, lower than $4.7 billion in 2018. Its four major subsidiaries of the tech firm in the year reached $65.8 billion, a slight decline from $67.1 billion recorded a year earlier.
According to a report from Samsung, more than 50 percent of its smartphones and tablets are manufactured in Vietnam and exported to 128 countries and territories, including the US, Europe, and Southeast Asia.
It has started construction its Southeast Asia’s largest R&D center in Hanoi with an investment of $220 million.
The world’s top smartphone maker saw a 59 percent year-on-year jump in operating profit to 12.35 trillion Korean won ($10.89 billion) for the July-September quarter, CNBC reported.
Samsung said it was partly due to a boost in demand for smartphones and consumer electronics — sale of smartphones, including new flagship models like the Galaxy Note20, saw a near 50% jump in sales.
The mobile business will potentially see smartphone sales decline, according to the South Korean tech giant.
