Samsung slump in sales drags on Vietnam economy

Saturday, 16:59, 06/05/2017

VOV.VN - Close to one fifth of the total exports of Vietnam consists of mobile phones manufactured by Samsung, the Republic of Korea electronics giant, from its factories located in the northern part of the country.

Last year, a series of fires in the Samsung Galaxy Note 7 devices slammed the brakes on production in the plants located in the provinces of Bac Ninh and Thai Nguyen from which 30% of the company’s global phone production takes place.

The drop of Samsung’s sales was a significant factor in causing the gross domestic product of Vietnam to slow to 5.1% on-year for the first quarter, the lowest in three years.

In addition, the fall in Samsung’s sales was a key factor in the country’s trade balance sliding deeper into the red and the industrial sector growth rate dipping to 3.85%, a six-year low.

Slowdowns in oil and coal development were two other major areas where growth faltered as well.

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