Vietnam’s Deputy Prime Minister Nguyen Thien Nhan has praised the growth of the electronics industry and hopes the country will realize approximately $40 billion in profits from exports by the year of 2017. The Prime Minister also emphasized the importance of the development of the electronics industry, as this industry is one of the major focuses for the largest FDI co-operations. A noteworthy example of a substantial foreign investment from a large corporation is the Intel Corporation plant, whereby the US-American enterprise spent $1 billion in a plant in HCMC that yielded about $1 billion in annual exports. But Intel is not the only entity that discovered Vietnam’s investment potential for the electronics industry; Samsung is initiating a $2 billion production complex in North Vietnam. This is a substantial investment considering that the enterprise earned more than $12 billion in its exports in 2012, thereby doubling its export profits from the the previous year. Other enterprises, like Panasonic, have recently invested enormous amounts to build electronic plants in Vietnam.
Both domestic and international consumer demands are satisfied by the electronic industry of Vietnam demonstrated by the 50 countries where products are exported. In 2012, the industry made $20.5 billion profit, and it is easy see how, with improved conditions, Vietnam will attract even more investment in the coming years. Therefore the projection of $40 billion in 2017 in by no means unreasonable.
(Source: VIR News)
ANT Consulting