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Vietnam's exports of phones and components surged by 50% in May

In May 2024 alone, Vietnam's phone and component exports earned more than 4.4 billion USD...

xuất khẩu linh kiện điện tử Việt Nam

According to the report on the socio-economic situation in May and the first 5 months of the year from the General Statistics Office, exports of all types of phones and components in May were one of the products that witnessed the strongest growth. compared to May 2023.

Specifically, in May alone, this item collected more than 4.4 billion USD, an increase of 50.6% over the same period. Accumulated in the first 5 months of the year, the export turnover of phones and components reached 22.5 billion USD, an increase of 11.6% compared to the first 5 months of 2023.

In terms of markets, by the end of April 2024, the US was Vietnam's largest export market with an export value of more than 3.8 billion USD, an increase of 21% over the same period last year. China is the second largest market with more than 3.4 billion USD, however, down 14% over the same period last year.

Ranked third is the Korean market with an export value of 1.1 billion USD, an increase of 7.5% over the same period in 2023.

Export market structure of Vietnamese phones of all types and components.

A report from HSBC said that since 2021, Vietnam's smartphone market share globally has increased significantly. Vietnam has won 13% of the market share, quickly surpassing India to become the world's second largest smartphone exporter after China.

According to the assessment of the Ministry of Industry and Trade, domestically produced electronic products are diverse in types, colors, designs, have good quality, meet most domestic needs and are exported to many countries around the world. world. The development of the electronics industry is mainly due to attracting large investments from Korean and Japanese multinational corporations in the field of electronic component manufacturing.

Technology giants increasingly consider Vietnam an attractive market for investment, notably Samsung. After 15 years of presence, Samsung has become the largest investor in Vietnam with total investment capital increasing nearly 30 times, up to about 20 billion USD by the end of 2022.

Most recently, South Korea's Samsung Electronics Group has just announced its financial report for the first quarter of 2024. Accordingly, the total revenue of the entire group is 54.1 billion USD and profit is 5.1 billion USD. While global revenue increased sharply, in Vietnam, the total revenue of Samsung's 4 factories reached about 16,000 USD. 6 billion USD, equivalent to the same period last year and an increase of about 2 billion USD compared to the fourth quarter of 2023. In which Samsung Bac Ninh profited 305 million USD, Samsung Thai Nguyen profited 719 million USD, Samsung Display Vietnam profited 126 million USD and Samsung HCMC CE Complex profited 41 million USD.

In 2023, all kinds of phones and components have earned more than 52.3 billion USD, down 9.7% compared to 2022, and is also the item with the second highest export value among all items. Vietnam's export goods are second only to computers, electronic products and components.

To create opportunities for the electronics industry in general and the phone industry in particular to continue to develop, the Ministry of Industry and Trade has proactively improved competitiveness and sought potential suppliers, contributing to helping domestic businesses. Connect with multinational corporations and participate in the global value chain. Besides, review and improve legal policies, especially specific regulations on goods originating in Vietnam; Implement solutions to expand domestic and export markets.

According to forecasts of Statista Market Research Company, in 2024, the smartphone market in Vietnam is expected to reach 4 billion USD, a compound growth rate of 1.45% in the period from 2024 to 2028. By 2024 , smartphone sales in Vietnam will reach 21.4 million units.



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