(VOVWORLD) - Vietnam’s electronics exports have been booming following a period of consistent foreign investment into the sector, HSBC stated in a recent report.
 Illustrative photo by VOV |
This comes after the country’s exports witnessed an annual surge of 50.5% in January, with the primary driver behind this growth being Samsung’s newly-released Galaxy S21 smartphone.
Most notably, electronics exports last year reached a record high of 96 billion USD, representing a third of total Vietnamese exports.
HSBC largely attribute this rapid rise to Samsung’s investments in the country since 2008, with the South Korean company now operating six plants nationwide.
Furthermore, Vietnam has also emerged as a growing supplier of chips, with over 11% of the global market share in 2019 after surging by 300% that year. This increase in the production of computers also supports chip production.
Moving forward, the nation’s competitive policies will continue to attract quality FDI, a factor which HSBC note as being crucial in helping the country move up the value chain.