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Update news Vietnam's electronics industry
In the first five months of 2024, the contribution of Vietnam's electronic businesses to export turnover reached 31.61 per cent, equivalent to US$49 billion.
Many small orders, suited to Vietnamese enterprises’ capability, are being turned down by local companies. Electronics manufacturers are "dreaming too big", thus missing out on opportunities.
Mobile phones and components, computers, electronic products and spare parts have become the two largest foreign currency earners, bringing in more than US$50 billion each as of mid-December, according to the General Department of Vietnam Customs.
The electronics sector accounts for 17.8% of Vietnam’s industry, placing the nation among the world’s top 15 largest exporters of this kind of product.
Local electronics producers stayed on the sidelines when global heavyweights moved their facilities to Vietnam and outsourced their production.
The electronics industry has seen good progress in recent years, accounting for about 18% of the total industrial production value and more than 30% of the total export revenue of the country.
The increased inflow of investment from foreign investors into Vietnam’s electronics industry is expected to create a positive outlook for the country’s exports of computers, electronic products, and components in the time to come.