Computers, electronic product exports could soon reach $60 billion

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Exports of computers, electronic products and components hit $50.828 billion last year, putting it in second position in the group of key export products.

Workers of Foster Electric Vietnam Co Ltd on a production line.

Statistics of the General Department of Customs showed that the export turnover of this group of goods grew 14.05 per cent year-on-year, equivalent to an increase of $6.25 billion, accounting for over 15 per cent of the total export turnover of goods of the country.

This export result exceeded the forecast made by the Ministry of Industry and Trade in the third quarter of last year, when it said that computers, components and electronic products could reach about $50 billion, a year-on-year increase of 13.5 per cent.

As the transport of goods to major markets faces many difficulties, the export turnover of computers, electronic products and components still grew in most key markets.

The US market is leading the import turnover of this group of goods from Viet Nam, accounting for 25 per cent of the export proportion. Exports to China reached nearly $11.1 billion, although only increasing by less than 1 per cent, this still accounted for 21.83 per cent of the total export turnover of the whole industry.

The third largest market is Hong Kong, which grew by 50 per cent, bringing turnover to $6.3 billion, the EU ranked fourth with $5.9 billion, up 2.59 per cent, and South Korea ranked fifth, reaching $3.492 billion, up nearly 22 per cent.

Four other markets with export turnover from over $1 billion to approximately $2 billion, respectively, are the Netherlands with $1.8 billion, up 5.2 per cent; Mexico with $1.35 billion, up 17.4 per cent; Poland with $1.14 billion, up 14.9 per cent and Slovakia with $1.04 billion, up 27.7 per cent.

In addition, there are a series of markets with import turnover of nearly $1 billion, including Japan ($996 billion), Taiwan $938 million, Singapore $924 million, and India $828 million.

$60 billion mark not far away

The electronics industry grew strongly due to the demand for consumer goods for communication as well as means of work in the context of social distancing due to the impact of COVID-19 over the last two years.

This industry has made good use of the opportunity to accelerate exports during the pandemic. The Ministry of Industry and Trade said that the production of computers and electronic components in Viet Nam is mainly dominated by foreign companies, especially multinational companies.

Although the number of foreign-invested enterprises (FDI) is only a third of the total number of electronic enterprises in Viet Nam, the export proportion of these enterprises has accounted for more than 90 per cent of total export turnover and covers 80 per cent of domestic market demand from 2016 to 2021.

In Viet Nam, the electronics industry has enjoyed high export growth, thanks in large part to the presence of multinational technology groups leading global value chains and shifting orders out of China.

The electronics manufacturing industry still has a positive outlook when the investment shift of transnational corporations opens up great opportunities for Viet Nam. For example, LG has moved its entire production line to Hai Phong, Apple has moved iPad and MacBook production lines from China to Viet Nam, and Panasonic has stopped producing washing machines and refrigerators in Thailand to consolidate equipment assembly in Viet Nam.

With an increasingly important position in the global supply chain, Viet Nam continues to be an important order address for large corporations and enterprises.

Accordingly, the export turnover of computers, electronic products and components is forecast to continue to grow strongly this year and the export milestone of $60 billion is not out of reach.

Source: VNS

Vietnam’s electronics industry, an increasingly important sector of the country’s economy, continues to grow despite the negative impact of the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT).

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