Samsung, which invested more than $17.3 billion in eight factories and a research and development centre in Vietnam, is the largest single foreign investor and accounts for more than one-fifth of Vietnam's total exports.Overall, Vietnam's exports in the first quarter rose 4.7 percent from a year earlier to $58.51 billion, much slower than an annual expansion of 24.5 percent in the same period last year. Many cities and provinces, such as Ho Chi Minh City, Dong Nai, and Vinh Phuc, have decided to extend the closure until the end of February as a precaution against infection.Thong declined to comment on the impact of the school closures and potential labor shortage, but said that Samsung always has a plan B and plan C to prevent interruptions in its operations.Thong said Samsung is not worried about local factories' operation as it can adjust to some business environment changes by monitoring market conditions, including its suppliers' activities.
Samsung led with a 25% market share in 2019.The new Galaxy S20 is set to hit local stores on March 6 with a price ranging from 21.5 million dong to 30 million dong ($925 to $1,290).Sign up to our newsletters to get our best stories delivered straight to your inbox. Samsung is one of South Korea's chaebols -- large, family-controlled conglomerates that have dominated the country's economy for decades. Vietnam GDP (Gross Domestic Product) was INT$705.58billion for 2019 in PPP terms. "Samsung Vietnam's operations are in perfect condition," Nguyen Tri Thong, corporate marketing director at local smartphone unit Samsung Vina Electronics, told the Nikkei Asian Review on the sidelines of the event. It is not clear yet whether Samsung is the reason behind the decline in Vietnam’s GDP in the first quarter of 2017, but it seems that Samsung is playing an increasingly important role in the growth of the Vietnamese economy. Its economic growth of 6-7% rivals China, and it exports are worth as much as the total value of its GDP. In 2019, Vietnam’s gross domestic product (GDP) amounted to around 1,001.48 billion international dollars, and is expected to increase to almost 1,130 billion international dollars by 2021. Please review our Regions The largest industries here are services which make up 49.75% of the GDP, industry which makes up 33.25%, and agriculture which makes up 17% of GDP. Local media report that the three busiest border gates had been re-opened for cargo shipments as of Feb. 8, while other gates will remain closed until the end of February. Apple said on Tuesday it does not expect to meet its revenue forecast for the three months through March owing to the coronavirus outbreak.While Samsung says its operations in Vietnam have returned to normal, there are concerns over logistics at Chinese border as the Korean company's factories source some parts from suppliers in China.