Samsung Note demise to hit Vietnam exports
Samsung’s exports represent about 20% of the Southeast Asian nation’s shipments
Hanoi — The fallout from Samsung Electronics’ dramatic move to end production of its Galaxy Note 7 smartphone is set to spread to Vietnam, hurting an economy already hit by drought and lower oil prices. "Samsung’s decision to kill off Galaxy Note 7 will certainly impaaffect Vietnam’s exports this year," since the company’s exports represent about 20% of the nation’s shipments, said Nguyen Mai, chairman of Vietnam’s Association of Foreign Invested Enterprises. The recall of 2.5-million smartphones after complaints of exploding batteries contributed to a $1.1bn decline in exports in September, according to the statistics office. Samsung helped to turn Vietnam into an electronics manufacturing hub almost single-handedly with $15bn in investment from the technology giant and its affiliates including battery-maker Samsung SDI Co. Samsung is Vietnam’s biggest exporter, shipping about $33bn of electronics in 2015last year. Vietnam now faces the loss of millions of dollars in exports at a t...
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