Samsung Electronics’ Vietnamese Subsidiaries Thriving

[Viet]

• By Kim Eun-jin
• April 5, 2019, 10:14

Visitors at the Samsung Showcase store in Bitexco Financial Tower in Ho Chi Minh City, Vietnam, try out Samsung Electronics’ products.


Samsung Electronics’ overseas sales, excluding semiconductor, have been on the decline in most areas, such as the United States and China. However, Vietnam is an exception.

The sales of Samsung Electronics Ho Chi Minh City CE Complex (SEHC), which is in charge of televisions and home appliances, grew more than 280 billion won (US$246.37 million), according to Samsung Electronics on April 3. Samsung Electronics Vietnam Bac Ninh (SEV) and Samsung Electronics Vietnam Thai Nguyen (SEVT), which produce information technology (IT) devices, including smartphones, mainly for overseas markets, increased over 2 trillion won (US$1.76 billion) last year based on separate financial statements. The combined sales of Samsung’s subsidiaries in Vietnam rang up 53.99 trillion won (US$47.52 billion).

This stands in stark contrast to a rapid drop in sales in the United States and China, which are traditionally large markets. The sales of Samsung Electronics America (SEA) decreased nearly 2.16 trillion won (US$1.90 billion), while that of the firm’s subsidiaries in China plunged a total of 5.60 trillion won (US$4.93 billion). In addition, the company saw its sales shrink 460 billion won (US$404.75 million) in the Samsung ElectronicsGmbH in Germany, 750 billion won (US$659.92 million) in the Thai Samsung Electronics (TSE) and 130 billion won (US$114.39 million) in the Samsung Electronica da Amazonia (SEDA) in Latin America. Samsung Electronics showed sluggish sales in most of its overseas subsidiaries, except for Vietnam.

Samsung Electronics grasped Vietnam’s spending power as emerging “young market.” Young Vietnamese consumers are highly interested in IT devices, including smartphones, and they get new products more frequently than people in other countries. Industry sources said the population aged between 10 and 29 in Vietnam reaches 31 million out of the total 96 million. The number of mobile device users stands at 70 million, nearly 73 percent of the total population.

Vietnam is also playing a vital role as a production base. With a rise in labor costs in China, Samsung Electronics started to move its production base to Vietnam early. Since Vietnam’s gross domestic product (GDP) per capita still falls short of US$3,000 (3.41 million won), the country is attractive as a production base. Samsung Electronics is said to have more than 100,000 local employees.


http://www.businesskorea.co.kr/news/articleView.html?idxno=30610

 

[Viet]

Samsung sales in China is in free fall. Maybe it’s time for the Koreans to leave. Against chinese competition they have little chance. Best days seem over.

 

[Viva_Viet]

Samsung sales in China is in free fall. Maybe it’s time for the Koreans to leave. Against chinese competition they have little chance. Best days seem over.

CN phones r having big chance to overcome Samsung, but bad luck for them is that CN Govt is going bankrupt. CN guard ships no longer can protect CN fishing boats when VN guard ships spraying at them.

Tragedy is coming to CN econony, starting from CN coast guard force having no more money to buy fuel to protect CN boats

 

[Viet]

CN phones r having big chance to overcome Samsung, but bad luck for them is that CN Govt is going bankrupt. CN guard ships no longer can protect CN fishing boats when VN guard ships spraying at them.

Tragedy is coming to CN econony, starting from CN coast guard force having no more money to buy fuel to protect CN boats

CN economy is slowing down. They buy less Korean goods, chinese tourists to Vietnam is shrinking...
As for fuel, they still have $3 trillion

 

[Viva_Viet]

CN economy is slowing down. They buy less Korean goods, chinese tourists to Vietnam is shrinking...
As for fuel, they still have $3 trillion

Colonel Gadaffi had more than 100 billion $ for small Lybia but still got killed.

$3 trillion is simply not enough for 1,4 bil Cnese.
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Out of the $244 trillion, government debt was tallied at $65.2 trillion, non-financial corporate debt stood at $72.9 trillion dollars and financial sector debt was $60 trillion dollars, while households owe $46.1 trillion dollars.

https://www.asiatimes.com/2019/03/article/china-weak-link-in-brewing-global-debt-crisis/