Death of Samsung’s Galaxy Note 7 Set to Hurt Vietnam Exports
- September exports fell by $1.1 billion due to recall of phones
- Samsung accounts for about 20 percent of nation’s shipments
What the Loss of the Note 7 Means for Samsung
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The fallout from Samsung Electronics Co.’s dramatic move to end production of its Galaxy Note 7 smartphone is set to spread to Vietnam, hurting an economy already hit by drought and lower oil prices.
“Samsung’s decision to kill off Galaxy Note 7 will certainly impact Vietnam’s exports this year,” since the company’s exports represent about 20 percent of the nation’s shipments, said Nguyen Mai, chairman of Vietnam’s Association of Foreign Invested Enterprises. The recall of 2.5 million smartphones after complaints of exploding batteries contributed to a $1.1 billion decline in exports in September, according to the statistics office.