(VOVWORLD) -Samsung's four plants in Vietnam earned a profit of nearly 1.2 billion USD in the first quarter of this year after its three plants reported loss in the last quarter of 2023.
 Workers of Samsung Electronics Vietnam in Yen Binh Industrial Park, Thai Nguyen province (Archive photo: Anh Tuan/VNA) |
According to the first quarter audited financial report, Samsung Electronics earned revenue of about 54 billion USD. The company's four plants in Vietnam contributed about 30% of the total revenue, equivalent to 16.25 billion USD, up 2 billion USD compared to the last quarter of 2023. The after-tax profit of these plants amounted to 1.17 billion USD, over 23% of the parent group's profit.
Samsung Electronics has reiterated its long-term commitment in Vietnam. At a meeting with Prime Minister Pham Minh Chinh early last month, CFO Park Hark Kyu said the group plans to increase investment in Vietnam by an additional 1 billion USD each year. Simultaneously, Samsung will increase the number of Vietnamese businesses joining the supply chain and boost human resource training.
Samsung is currently the largest foreign direct investor in Vietnam. It has four plants in Bac Ninh, Thai Nguyen and Ho Chi Minh City with a combined capital of more than 22 billion USD.