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Samsung ends Note 7 output, and Vietnamese GDP growth slips to 5.1pc
VIETNAMESE GDP grew 5.1 per cent at a slower pace than economists estimated in the first quarter as Samsung cut smartphone production in the country, Bloomberg reported.
Samsung decided to end production of its Galaxy Note 7 smartphone, a decision that businesses said at the time would hurt the economy.
Vietnamese GDP expanded 6.68 per cent in the fourth quarter of 2016, and was expected to rise 6.25 per cent in the first quarter according to economists in a Bloomberg survey.
The cut in Samsung production contributed to a 10.7 per cent contraction in exports of phones and parts, said Bloomberg.
But Vietnam outperformed most of its Southeast Asian peers last year as export growth remained resilient. The economy has become a manufacturing hub for companies such as Samsung, which is Vietnam's biggest exporter, accounting for 20 percent of the nation's shipments.
Samsung decided to end production of its Galaxy Note 7 smartphone, a decision that businesses said at the time would hurt the economy.
Vietnamese GDP expanded 6.68 per cent in the fourth quarter of 2016, and was expected to rise 6.25 per cent in the first quarter according to economists in a Bloomberg survey.
The cut in Samsung production contributed to a 10.7 per cent contraction in exports of phones and parts, said Bloomberg.
But Vietnam outperformed most of its Southeast Asian peers last year as export growth remained resilient. The economy has become a manufacturing hub for companies such as Samsung, which is Vietnam's biggest exporter, accounting for 20 percent of the nation's shipments.
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