Data from the General Statistics Office shows that the electronics industry 's export turnover will reach 126.5 billion USD, contributing more than one-third to the country's total export turnover (405 billion USD) in 2024.
Specifically, the computer, electronics and components industry reached 72.56 billion USD, up 26.6%; while phones and components reached 53.9 billion USD, up 2.9% compared to 2023.
The increase of nearly $17 billion compared to 2023 ($110 billion) reflects the recovery in consumer demand and order intake, as well as suppliers' production capacity.
The breakthrough in Vietnam’s export of electronics and technology products is largely thanks to foreign corporations. Vietnam is an investment destination for the world’s leading technology corporations such as Samsung, LG, Apple, Nvidia, etc.
By 2025, Vietnam's electronics industry will need to solve the "unpredictable" problem caused by US tariff policy. Photo: Nikkei Asia
Notably, the Vietnamese mobile phone market has become a bright spot with rapid development and huge potential, in which Apple has recorded outstanding success. Apple's three major partners in Vietnam, Foxconn, Luxshare and GoerTek, have also continuously expanded their investment in electronics production.
Political stability and security are among the key factors that help Vietnam attract international investors in the electronics supporting industry. In the context of trade tensions between the US and China, many businesses are looking for alternative manufacturing locations to minimize risks and Vietnam has quickly become a priority choice.
Tariff policy impacts globally
Imports to the US from countries such as Vietnam and Mexico have increased during Mr Trump’s first term, reflecting a trend of Chinese manufacturers seeking to avoid Washington’s tariffs by exporting to the US through third countries, according to market consultancy Neuberger Berman Group.
Entering his second term, US President Donald Trump has asked the Commerce Department to consider additional tariff adjustments to address the issue of “circumvention through third countries”.
Specifically, it asks officials to consider a “global supplementary tax” to close the annual trade deficit, suggesting that a comprehensive tax similar to the universal tax that Trump promised during the campaign could still be on the cards.
According to the General Statistics Office, the main export markets of Vietnam's electronics industry are the US, Europe, China, and South Korea. Last year alone, exports of computers, electronic components, and phones to Europe and America reached 56.9 billion USD, accounting for nearly 45% of total export turnover.
However, Vietnam still has to import nearly 50 billion USD worth of electronic components from abroad each year, leading to dependence on international suppliers.
TSMC, the world's largest contract chipmaker, recently signaled that it could raise manufacturing prices by up to 15% (significantly higher than its original plan of 5%), a move that is sure to have ripple effects across the tech industry.
If this scenario plays out, the burden will almost certainly fall on partners and ultimately consumers.
For example, Samsung is facing a major challenge as Qualcomm may increase the price of its Snapdragon 8 Elite Gen 2 chips. If the Korean giant continues to use these processors (Snapdragon 8 Elite on the Samsung Galaxy S25 series) without improving its own Exynos chips, it may be forced to increase the price of Galaxy phones or cut costs by using lower-quality screens and cameras.
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