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Vietnam has been identified as one of the world's top five fastest growing technology
equipment markets. The findings come in a survey by the GfK Group, one of Germany's
leading market research companies, and show that sales in Vietnam's electronics sector
will total more than US$0.6 billion next year. This sees Vietnam as the only Southeast
Asian country ranked in the top five places, with Indonesia and the Philippines coming in
at number nine and 10, respectively, on the list.
All of the top 10 growth markets singled out by GfK are emerging economies. Tellingly,
contrary to the usual assumption that China is the strongest growth market in the
technology sector, GfK is predicting that India will enjoy the most growth. For the Indian
market as in many others smartphones are seen as the main area of expansion, a
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Speaking at the time, Tran Huy Thanh Tung, head of Mobile World's Supervisory Board,
said: "We are excited that we remain a major retailer, not only in Vietnam, but in the
region as a whole. This is a well-earned acknowledgment of our success in raising the
levels of convenience and service we offer our customers." In a busy month for Mobile
World, November also saw the company open three new superstores.
Apart from the smartphone and tablet sectors, demand also increased for a number of
other items, notably electronic/digital (televisions, speakers), refrigeration (refrigerators,
air-conditioners), and electrical appliances (cookers, microwave ovens). These sectors
enjoyed an across-the-board, 20% year-on-year increase in sales for the first quarter of
2014. According to industry sources, Vietnam's electronics sector is expected to remain
buoyant in 2015, attracting a number of new foreign firms to the market.
2
Samsung is already one of the highest-grossing and most popular mobile phone brands
in Vietnam, with the country now also home to one of the South Korean giant's biggest
global production centres. In 2013, Samsung Vietnam shipped more than 100 million
units, with 97% of its output going for export. With two factories located in the country's
Bac Ninh and Thai Nguyen provinces, Samsung's total investment in Vietnam is now
around US$4.5 billion.
Reflecting on the company's commitment to Vietnam, Shim Won Hwan, a Director of
Samsung Vietnam, said: "We have promoted investment in Vietnam as it has political
stability and abundant human resources, while the sector also has substantial
government backing. We are now introducing our most advanced technological systems
to our two factories in Vietnam, both of which are now key elements in Samsung's global
production base. In terms of our overall strategy, Vietnam will also be leading several
aspects of our research and development activity."
A number of other blue-chip electronics brands, including Nokia, Sony and Canon, are
investing heavily in Vietnam. More recently, Microsoft has also announced plans to shift
a part of its production from China to Vietnam.
Commenting on Vietnam's emerging role in the sector, George Yeo, Singapore's Foreign
Minister, said: "Several years ago, for many of the world's major manufacturers, China
was the number one investment destination. The global production model, however, is
changing as production and labour costs in China continue to rise. Many corporations are
now making a strategic decision to shift their investment from China to the Southeast
Asian countries, especially Vietnam."
Chevalier, a Senior Advisor on export enhancement for the Swiss Government, said:
"Vietnam has a population of 90 million people, 70% of whom are young. Obviously,
there is very high potential in the electronic products market. It is also one of the
reasons why foreign direct investors in the electronics sector are increasingly focussing
on Vietnam."
Pham Tuong Vi, Special Correspondent, Ho Chi Minh City
Copyright2014 Hong Kong Trade Development Council. Reproduction in whole or in part without prior
permission is prohibited. While every effort has been made to ensure accuracy, the Hong Kong Trade
Development Council is not responsible for any errors. Views expressed in this report are not necessarily
those of the Hong Kong Trade Development Council.