Samsung’s Vietnamese subsidiaries make $19 billion profit

Samsung factory in Bac Ninh made $1.53 billion of profit in the first nine months of this year

Samsung Group has just announced the detailed profit figures of its subsidiaries in the first nine months of 2017. The four Vietnamese subsidiaries, Samsung Bac Ninh (SEV), Samsung Thai Nguyen (SEVT), Samsung Display Vietnam (SDV), and Samsung Electronics HCMC CE Complex (SEHC), earned $31.4 billion of revenue and $4.6 billion of profit.

According to TheLeader.vn, Samsung Bac Ninh, the factory dedicated to the production and assembly of cell phones hit $12.5 billion of revenue, including $1.53 billion of profit, up 50 per cent against the same period last year.

Samsung Thai Nguyen, the factory dedicated to the production of electronic components, grew drastically with $18.6 billion of revenue, making an increase of 27 per cent, and $2.32 billion of profit, an increase of 30 per cent compared to the same period in 2016. This is the subsidiary reaching the highest profit in the Samsung Group system due to being exempt from tax for the first four years of operation in Vietnam.

The revenue of Samsung Display Vietnam tripled to reach $8.7 billion, while profit in the first nine months hit $590 million. This company has risen its investment capital from $4 billion to $6.5 billion.

Samsung Electronics HCMC CE Complex, the factory dedicated to the production of electronic products, reached $165 million in profit in the first nine months 2017 and doubled revenue against the same period last year.

Samsung has just announced that the total profit of the four above-mentioned companies since 2010 hit $19 billion, 60 per cent of which came from Samsung Bac Ninh (SEV).

Samsung Thai Nguyen (SEVT), one of the largest factories of the group over the world, gained $6.7 billion of profit.

Up to now, the total registered capital of Samsung Group in Vietnam is $17 billion, including the $5 billion of SEVT, the $2.5 billion of SEV, the $6.5 billion of SDV, the $2 billion of SEHC, and the $1.2 billion of Samsung Electro-Mechanics. As of early 2017, Samsung Vietnam’s disbursed capital was over $10 billion.

Total assets of the four companies in Vietnam is approximately $29 billion, consisting of $13.8 billion of payable debts.

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