Samsung Group’s Q3 report showcases a stellar quarter, with revenues reaching 79.098 trillion Won (equivalent to 56.48 billion USD), a 17.3% increase. Notably, profits soared by 72.8%, amounting to 10.1 trillion Won (7.21 billion USD).
A significant bright spot in this growth picture comes from four factories in Vietnam. After a long struggle, these units have shown strong signs of recovery, posting a combined profit of 1,241 billion Won in Q3 2024, contributing 12.3% to the group’s global profits. In the same period last year, these four factories incurred a loss of 199 billion Won.
The total revenue of the four units in Vietnam reached 21,804 billion Won, contributing a substantial 27.5% to Samsung’s global revenue.
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Q3 Business Results of Samsung’s Factories in Vietnam
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Samsung Electronics Vietnam Thai Nguyen (SEVT), a specialist in high-end smartphone manufacturing, continues to play a leading role. Despite a 9.6% decline in revenue to 7,922 billion Won, the unit turned losses into profits in Q3. Specifically, the company recorded a profit of 492 billion Won, a significant improvement compared to the loss of 1,180 billion Won in the previous year.
In Ho Chi Minh City, Samsung Electronics HCMC CE Complex (SEHC) also contributed to the overall positive picture. This TV manufacturing plant saw a 12.2% increase in revenue, reaching 1,843 billion Won, while profits surged by 72.8%, amounting to 117 billion Won.
At Samsung Electronics Vietnam (SEV) in Bac Ninh, an impressive revenue growth of nearly 37% was achieved, totaling 6,099 billion Won. However, the unit’s profit slightly decreased to 379 billion Won.
Meanwhile, Samsung Display Vietnam (SDV), which specializes in screens, is facing a decline in both revenue and profit.
Looking at the nine-month picture, the units in Vietnam have contributed 63,821 billion Won (45.57 billion USD) to Samsung’s global revenue, accounting for 28.4%. However, profits decreased by 23.6% year-on-year to 4,180 billion Won (2.98 billion USD).
SEVT remains the largest unit in terms of scale, with nine-month revenue reaching 26,411 billion Won, followed by SEV with 17,050 billion Won. SDV and SEHC each contributed over 20,000 billion Won to the total revenue.
Despite challenges related to profit margins, the Q3 results indicate that Samsung’s factories in Vietnam are gradually regaining their growth momentum, significantly contributing to the group’s global recovery.
Vu Hao
