Electronics export in Vietnam has experienced a robust recovery, with double-digit growth over the past seven and a half months. The industry is expected to reach a total export value of 130 – 132 billion USD by the end of 2024. This growth is a positive sign for the Vietnamese economy, as electronics exports play a significant role in generating foreign currency earnings for the country.
As of August 15, Vietnam had already earned 77.4 billion USD from electronics exports, marking a 20% increase compared to the previous year. This impressive growth has helped to solidify the electronics industry’s position as one of the leading contributors to Vietnam’s total overseas shipments, which reached 244.41 billion USD during the same period.
The key drivers behind this growth in electronics exports are computers, computer devices, electronic products, and components, which brought in 42.59 billion USD, and phones and components, which generated 33.8 billion USD. These sectors saw significant increases of 30% and 11% respectively, showcasing the strong performance of Vietnam’s electronics industry.
Do Thi Thuy Duong, a member of the executive committee of the Vietnam Electronic Industries Association, noted that the electronics export sector faced challenges last year due to the global economic recession and a shortage of orders. However, the industry has rebounded in 2024, with a positive outlook for the future.
Foreign-invested businesses play a crucial role in Vietnam’s electronics export success, accounting for 99% of the industry’s total exports. Major investors such as Samsung, LG, Intel, and Apple have made significant investments in Vietnam, helping to propel the country’s smartphone market share to 13%, the second-largest globally after China.
Looking ahead, HSBC’s Investment Outlook for the second half of 2024 predicts continued economic growth for Vietnam, driven by the global electronics cycle. The country’s manufacturing and export sectors are showing signs of recovery, with increased spending on importing machinery, equipment, and key commodities to support export activities.
The Ministry of Industry and Trade has reported a surge in new orders for computers, electronic devices, and components, indicating a strong demand for Vietnamese electronics exports. If monthly exports can be maintained at 11.5 billion USD, the electronics sector is projected to contribute 51.8 – 52.5 billion USD in the remaining months of the year, pushing the total export value to 130 billion USD or higher.
In conclusion, Vietnam’s electronics export industry is on a positive trajectory, with strong growth expected to continue in the coming years. Foreign investment, technological advancements, and global market demand are driving this growth, positioning Vietnam as a key player in the global electronics market.
