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

EconomySemiconductor industry seen as key to escaping middle-income trapAmong the 11 members of the Association of Southeast Asian Nations, only Singapore and Brunei are categorized as "high-income countries" by the World Bank. © ReutersYUKI FUJITA, YUJI NITTA and TOMOYOSHI OSHIKIRIAugust 18, 2026 06:52 JSTMANILA/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."