Samsung Electronics Vietnam Thai Nguyen Co., Ltd. (SEVT), a Vietnam-based subsidiary of South Korean chaebol Samsung, posted a net profit of KRW106.6 trillion ($709 million) in the first quarter of 2026, up 176 percent year-on-year.
The figure is the highest of all Samsung subsidiaries, according to the giant’s quarterly report for the period. Other top cash earners of Samsung in the period were South Korea-based Samsung Display, the United States-based Samsung Electronics America, and the United States-based Samsung Semiconductor SSI.
SEVT, which manufactures smartphones and telecommunications products in Vietnam’s Thai Nguyen province, recorded a revenue of $8.6 billion for the quarter, up 20.3 percent year-on-year.
The result was part of a broader strong quarter for Samsung’s Vietnam operations. The company’s four wholly-owned Vietnam subsidiaries — SEVT, Samsung Electronics Vietnam Co., Ltd. (SEV) and Samsung Display Vietnam Co., Ltd. (SDV) in Bac Ninh province, and Samsung Electronics HCMC CE Complex Co., Ltd. (SEHC) in Ho Chi Minh City — combined for $17.72 billion in revenue and $1.30 billion in net profit in Q1/2026.
The total revenue of four Vietnamese subsidiary rose 16.8 percent year-on-year, while combined net profit more than doubled from $642 million in Q1/2025.
The four Vietnam entities together accounted for 19.9 percent of Samsung’s $89 billion consolidated revenue for the quarter. Their combined asset base of $25.4 billion represents 6 percent of the group’s total assets of $421.2 billion.
Regarding global performance, the semiconductor business was the biggest revenue source for Samsung with 61 percent of the total, followed by device experience with 39.3 percent, display with five percent, and audio with 2.9 percent.
Besides, Samsung’s Q1 2026 filing disclosed the establishment of a new wholly-owned entity, Samsung Vietnam Semiconductor (SVS), incorporated during the quarter as a semiconductor production subsidiary. SVS carried no material financial activity in the period.
Another entity, Samsung Semiconductor Asia Holdings Pte. Ltd. (SSAH), was simultaneously established in Singapore as an overseas subsidiary management company.
Despite tariff, Samsung’s Vietnam subsidiaries earn profit of $3.7B in 2025, up 12%