Smartphones accounted for 27.1 percent of Vietnam’s total exports in 2016, value $34.32 billion, based on customs data.
Phone exports are expected to grow 13.6 percent this 12 months, reaching $39 billion Saigon times – as experts say.
Vietnam’s economic growth is driven by a gentle inflow of foreign direct investment into export-oriented sectors, especially smartphones and tablets, lots of that are manufactured by Samsung Electronics.
According to the Association of Foreign Investment Enterprises, Samsung has invested a complete of $15 billion in phone production in Vietnam, accounting for 10 percent of the country’s total foreign investment over the past three a long time.
About 130,000 employees at Samsung’s two manufacturing plants within the southern provinces of Bac Ninh and Thai Nguyen are involved in assembling 35 percent of all Samsung smartphones worldwide, including the flagship Galaxy Note 7.
Even though Samsung’s parent company scrapped the Galaxy Note 7 after a series of unresolved battery fires last 12 months, Samsung smartphone sales in Vietnam in 2016 rose 8 percent from $32.7 billion in 2015, accounting for nearly one-fifth of the country’s total export revenue .
The company goals to extend exports from Vietnam by 7 to 10 percent this 12 months, said deputy director Bang Huyn Woo.
The Central Statistical Office reported that exports in 2016 increased by 9 percent, to $176.6 billion, while imports increased by 5.2 percent, to $174.11 billion. Vietnam’s trade surplus was estimated at around $2.52 billion.
Vietnam’s top 10 foreign exchange earners, including mobile phones, textiles, electronic and computer components, footwear and seafood products, accounted for 71.8 percent of total exports in 2016.
The government has set a goal economic growth rate of 6.7 percent this 12 months, which can be the fastest pace since 2007.
