Samsung Vietnam’s 2021 revenue hits $74.2 bln, up 14%

Xuan Thinh Thursday | 01/20/2022 10:16

A view of Samsung Electronics Vietnam Thai Nguyen. Photo: Samsung Vietnam

Overcoming the difficulties caused by the COVID-19 pandemic, Samsung Vietnam recorded $74.2 billion revenue in 2021, up 14% compared to 2020, the company said in a statement.

Export revenue in the pandemic-hit year rose 16% to $65.5 billion. The growth in sales and exports were the results of Samsung's strict implementation on epidemic prevention instructed by the Government of Vietnam.

The “3 on-site” sleep over applied during the pandemic-hit months helped the company to overcome the difficult period and maintain production well.

The outstanding business results have a significant contributions of Vietnamese employees in Samsung Electronics Vietnam Thai Nguyen and Samsung Display Vietnam, who had initiatives to improve efficiency in production, bringing benefit to the business at $5.3 million per year.

Overcoming those difficulties, Samsung has also launched products that have resonated greatly in the global market. Samsung's strategic phone lines made in Vietnam such as Galaxy Z Fold 3 and Galaxy Z Flip 3 make a major contribution to Samsung Vietnam's revenue.

"3 on-site" sleep over helped Samsung to maintain growth in 2021. Photo: Samsung

In 2021, Samsung sold over 4 million folding phones to global market, 4 times higher than 2020. According to market research firm Counterpoint research, in the total market share of smartphones Samsung phones in the US, sales of folding phones have increased from 0.6% in 2020 to 12% in 2021.

By the end of 2021, Samsung Vietnam's total accumulated investment capital in Vietnam totaled $18 billion, reaching 102% of the approved investment capital in 2020.

Samsung Vietnam currently operates 6 plants in Bac Ninh, Thai Nguyen and Ho Chi Minh City, one R&D center in Hanoi. In Samsung's development plan, Vietnam is surpassing its role as a key global production base and will become a strategic R&D center.

Samsung is building a new Research and Development Center in Hanoi, with an investment scale of up to $220 million.

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