Vietnam grosses US$77 billion from phone, component, and electronic exports
The four major importers of phones and components from the nation include the United States, the EU, China, and the Republic of Korea (RoK), grossing a total turnover of roughly US$27 billion throughout the reviewed period.
In fact, all major markets increased their imports of products from the Vietnamese market. Accordingly, the country’s export turnover of phones and components to the US, China, and the RoK surged by 48%, 11%, and 23% to US$9.25 billion, US$8.97 billion, and US$3.88 billion, respectively. In addition, exports to the EU dropped by 5% to US$4.61 billion against the same period from last year.
Recent years has seen Vietnam attract a large quantity of FDI into the production of phones, computers, and electronic components.
Many major electronics firms globally have developed a presence in Vietnam with high-tech production facilities such as Samsung, LG, Foxconn, Fukang Technology, and LG Display Hai Phong, making Vietnam ninth in terms of global exports of electronic products.
The country boasts many advantages in attracting FDI enterprises in the field of electronics thanks to the signing of several free trade agreements (FTAs), a factor which has created opportunities for many large electronics firms to expand their scale to utilise preferential tariffs in export activities.