In recent years, due to the impact of the Sino US trade war, many electronic product manufacturers have begun to build factories in Southeast Asia and other places outside the mainland of China to diversify their supply chains, of which Vietnam is one of the countries that has benefited most.Samsung Electronics of South Korea has invested more than 22 billion dollars in Vietnam, established a number of advanced manufacturing plants, and has become one of the main manufacturing bases of Samsung Galaxy series mobile phones.
Last year, due to the decline of the global business environment, Samsung Electronics' four factories in Vietnam still faced profitability difficulties in the fourth quarter of 2023, with a total loss of $181 million in 2023.However, with the recovery of the market, in the first quarter of this year, the performance of Samsung Electronics Vietnam Factory rebounded significantly, earning Samsung a profit of up to 1.2 billion dollars.
Among them, the SEVT factory in Taiyuan, Vietnam, which mainly produces smart phones and other mobile devices, performed best, contributing $707 million in profits.The profits of SEV and SDV factories in Vietnam's Beining Province reached US $300 million and US $123 million respectively. These factories mainly produce consumer electronic products and display products.As for the SEHC factory located in Ho Chi Minh City, Vietnam, which mainly produces household appliances, it also earned a profit of 40.7 million US dollars.The total revenue of all factories in the first quarter of this year reached 16.25 billion US dollars, an increase of 2 billion US dollars compared with the fourth quarter of last year.
It is worth mentioning that Park Xuegui, Chief Financial Officer of Samsung Electronics, met with Vietnamese Prime Minister Pham Myung Jung last month and announced a plan to increase investment of $1 billion annually in Vietnam.
Editor: Smart Core - Lin Zi
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