Apple Increases Vietnam Spending as CEO Tim Cook Visits Hanoi

Apple has announced plans to increase spending on suppliers in Vietnam, a move coinciding with CEO Tim Cook's arrival in the country for a two-day visit, according to a report by AFP.

While the tech giant did not disclose specific financial details, Cook is anticipated to engage with programmers, content creators, and students during his stay.

"Hello Vietnam"

The visit comes amid efforts by the Biden administration to enhance Vietnam's role in the global tech supply chain, aiming to reduce reliance on China. Images captured Cook strolling by Hoan Kiem lake in downtown Hanoi, with a video message expressing his excitement to engage with the local community.

"Hello Vietnam. I am so excited to be here today. I can't wait to see all the developers and creators in the community," Cook said in a statement.

Apple's statement highlighted the company's substantial investment in Vietnam, with nearly 400 trillion dong ($16 billion) spent since 2019 through local supply chains.

Cook emphasized Apple's commitment to fostering connections in Vietnam through collaborations with local suppliers and initiatives supporting clean water and educational opportunities.

Samsung Overtakes Apple as the Top Phonemaker

In related news, Samsung has overtaken Apple as the top phonemaker, capturing a 20.8% market share in global smartphone shipments. This development follows a 10% decline in Apple's smartphone shipments during the first quarter of 2024, shifting it back to second place.

Xiaomi secured the third spot with a 14.1% market share, while Samsung's success has been attributed to robust sales of its Galaxy S24 series, featuring AI functionalities.

Samsung's resurgence to the top spot was propelled by strong sales in the US and European markets. The South Korean manufacturer shipped more than 60 million smartphones in February, outpacing Apple's 17.41 million units sold during the same period.

Notably, Apple had briefly claimed the top position from Samsung last year but has now been surpassed.

Market research firm IDC reported that Apple's market share increased from 20.1% in 2022 to 20.4% in 2023, while Samsung's share declined slightly from 21.7% to 19.4% during the same period.

This shift marks the first time in 13 years that Samsung has lost its leadership position in worldwide smartphone market share to Apple.

Apple's strategic focus on Vietnam underscores its ongoing efforts to diversify its supply chain and strengthen its presence in key markets. Meanwhile, Samsung's resurgence signals fierce competition in the smartphone industry, driven by market demand.