10:32 | 09/07/2015 Industry
Viet Nam was one of the economies posting the fastest growth in Asia in 2014, which has been fuelled by manufacturing, with the electronic industry playing the key, according to Singapore’s DBS Group Research.
Viet Nam is on the way to become the factory of the world, it observed.
The nation’s exports of electronics saw an annual growth of 78% over the recent four years, reaching US$35 billion in 2014, accounting for 23.4% of the total GDP.
These achievements are thanks to cheap expenditures and the country’s policies to attract more Foreign Direct Investment (FDI).
Over the past few years, the FDI poured in Viet Nam’s manufacturing sector sharply increased. A number of top electronic makers in the world chose Viet Nam as the new destinations instead of China. The DBS forecasted that the trend will be upheld in the future.
Viet Nam exceeds the Philippines and Thailand and prepares to beat Singapore to become the fifth largest electronic exporter in Asia in the next two years, the report forecasted./.