Chip boom pushes Vietnam, Philippines closer to 'high-income' status

Semiconductor industry seen as key to escaping middle-income trap

Among the 11 members of the Association of Southeast Asian Nations, only Singapore and Brunei are categorized as "high-income countries" by the World Bank. © Reuters

MANILA/HANOI/JAKARTA — The growth of the semiconductor industry in Southeast Asia has reconfigured economic development in the region, putting Vietnam and the Philippines on course toward the sought-after status of "high-income countries."

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