Vietnam is poised to become a leading electronics powerhouse in the Association of Southeast Asian Nations, or ASEAN, in the coming years if it sustains its current pace of growth, according to a report from Singapore’s DBS Bank.
If Vietnam’s economy grows by 6.5 percent each year over the next 10 years, it will exceed Singapore in size by 2029, according to the Nikkei Asia Review’s quoting of a DBS Bank report.
Google’s mobile payment system, Android Pay was launched in Singapore on June 28, making the country the first in Asia to have the system.
The State Bank of Vietnam (SBV) has allowed the Ho Chi Minh City branch of the Development Bank of Singapore Limited (DBS Bank Ltd.) to increase its charter capital.
Vietnam was one of the fastest growing economies in Asia in 2014, and manufacturing has been the key driver, much of which can be attributed to the electronic industry, according to a recent report by Singapore-based DBS Bank Ltd.