LG's Vietnamese subsidiaries shine in 2024 financial report

The two companies in question are LG Electronics Vietnam (LGEVH) and LG Innotek Vietnam (LGITVH). Of these, LGEVH's 2024 revenue was $3.84 billion, an increase of 9.8 per cent on-year, including about $120 million in profit, up 15.7 per cent.

Meanwhile, LGITVH reported $3.7 billion in revenue, including $130 million in profit, a decrease of 6 and 17.8 per cent on-year, respectively. The cause may come from fluctuations in global demand for electronic components, as well as increased input material costs.

In summary, the two subsidiaries contributed about $7.54 billion to the total revenue of the parent company and $250 million to the total profit, equivalent to 12.6 per cent of LG Corporation's total revenue and 61.2 per cent of its total profit.

According to the report, LGEVH and LGITVH ranked third and fourth, respectively, in the list of subsidiaries with the largest revenue in the global LG Electronics system, only behind LG Innotek in South Korea and LG Electronics in the US.

By the end of 2024, LGEVH's total assets were $1.52 billion, an increase of almost 12 per cent on-year. Of which, liabilities were $810 million, while equity reached $710 million.

In contrast, LGITVH saw a 7 per cent decrease in total assets, to nearly $1.38 billion. However, its liabilities dropped sharply by 37.8 per cent to $550 million, while equity increased sharply by 37 per cent to $830 million. The financial structure of LGITVH seems to be healthier and more sustainable.

In addition to LGEVH and LGITVH, another member company of LG in Haiphong also recorded a large scale of operation, LG Display Vietnam Haiphong, which has nearly 20,000 employees and more than $2 billion in revenue last year.

Despite not announcing specific profit figures, with the current scale of operation and personnel, LG Corporation's subsidiaries in Vietnam continue to be among the best-performing links in its regional supply chain.

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