"Accounts for 12% of Vietnam's Exports"...Samsung's Four Affiliates Post 48.7 Trillion Won in First-Half Sales

HANOI, Vietnam — Samsung Electronics' four production bases in Vietnam generated about $35.2 billion, or roughly 48.75 trillion won, in sales in the first half of this year. The company accounted for 17.1% of Samsung Electronics' total sales, and its local manufacturing sites have become so important that Samsung Electronics is responsible for more than 12% of Vietnam's total exports.
According to local media and Samsung Electronics' semiannual report on the 26th, the combined first-half sales of four affiliates — Samsung Electronics Vietnam Thai Nguyen (SEVT), Samsung Electronics Vietnam (SEV), Samsung Display Vietnam Co., Ltd. (SDV), and the Ho Chi Minh City consumer electronics complex (SEHC) — rose 21% from a year earlier to about $35.2 billion. Net profit also increased 28% to about $2.3 billion, or roughly 3.185 trillion won.
By affiliate, SEVT posted the largest sales at $16.2 billion, up 22.4% from a year earlier. Net profit rose 33.4% to $1.08 billion. SEV reported sales of $9.1 billion and net profit of $670 million, up 15.4% and 23.1%, respectively.
SDV led in growth. Sales climbed 32.7% to $7.1 billion, while net profit rose 46.8% to about $400 million. SEHC posted sales of $2.8 billion, up 3.8%, but net profit fell 8.4% to about $160 million.
Na Gi-hong, head of Samsung Electronics Vietnam's strategic cooperation office and vice president, said during a meeting with the head of the Ho Chi Minh National Political Academy on the 21st that cumulative sales from Samsung's production bases in Vietnam had reached about $44 billion and exports about $39 billion through July this year.
Samsung's production and export scale in Vietnam is expected to expand further in the second half as well.
Samsung Electronics Vietnam's exports through July accounted for about 12.2% of Vietnam's total exports of $319.53 billion this year. In other words, more than one out of every eight products manufactured in Vietnam is linked to Samsung's exports. Samsung's production bases in Vietnam are also a key hub, handling about 50% of global smartphone output.

[email protected] Kim Jun-seok Reporter