Imports of electronics, computers and components are forecast to reach a historic milestone of 100 billion USD.

In the first 9 months, imports of electronics, computers and components initially reached 79.1 billion USD and are forecast to be the first item in history to reach an import value of 100 billion USD.

Recorded the highest increase in both export and import directions

According to the report of General Statistics Office, in the first 9 months of this year, the total turnover import and export of goods Preliminary export turnover reached 578.47 billion USD, up 16.3% over the same period last year, of which preliminary export turnover of goods reached 299.63 billion USD, up 15.4% over the same period last year; preliminary import turnover of goods reached 278.84 billion USD, up 17.3% over the same period last year.

Imports of electronics, computers and components are forecast to reach a historic milestone of 100 billion USD. Photo: ST

Electronics, computers and components are among the items export Vietnam's main industries, along with many industrial production and export sectors, are trying to recover after the Covid-19 pandemic.

In the first 9 months of 2024, the export value of electronics, computers and components reached 52.8 billion USD, accounting for 17.6% of total export turnover, a sharp increase of 27.4% over the same period last year, the highest increase among the group of leading export value items. The major export markets of this group are still mainly the EU, the United States, and China.

On the other hand, the import value of electronics, computers and components initially reached 79.1 billion USD, accounting for 28.4% of total import turnover, a sharp increase of 25.8% over the same period last year, also the highest increase among the group of items with leading import value.

Thus, after 9 months of 2024, electronic goods, computers and components exported 52.8 billion USD, imported 79.1 billion USD; total import-export value reached 131.9 billion USD. With the achieved import value and current high growth rate, there is every reason to hope that the import turnover of electronic goods, computers and components will be the first item in history to reach an import value of 100 billion USD in 2024.

Enhance capacity to participate in the supply chain

In recent times, especially since the US-China trade war officially broke out in early 2018, the development prospects of the electronics, computer and components manufacturing industry have been assessed by many experts as bright as Vietnam has the opportunity to welcome investment waves from large technology corporations.

In 9 months of 2024, the index industrial production The manufacturing of electronic products, computers and optical products increased by 9.1% over the same period last year, higher than the general growth rate of 8.6% of the entire industry, in which the production of electronic components increased by 10.5%. This is a positive signal for the recovery of production as well as import export Electronic products, computers and components in 2024, forecasting a year of strong growth and positive contribution of this industry to the recovery of the entire Vietnamese economy.

Besides the achieved results, according to experts, although it is considered as industry spearhead and achieved some achievements in attracting foreign direct investment, playing a big role in export, but in reality, the group of electronics, computers and components of Vietnam is still at the early stage in the production chain of electronic products and depends largely on enterprises with foreign direct investment.

Vietnamese enterprises’ products have not focused on deep processing, have not developed export products with high technology and intelligence content, the proportion of processed and manufactured products with high added value is still low. The capacity of domestic enterprises in the industry is still limited, the quality and design of products have not met the high requirements of the market.

Meanwhile, previously well-known domestic electronics companies are slowing down or losing their brands and holding small market shares. Although there are some new domestic electronics brands emerging, the domestic consumer electronics market is mainly dominated by foreign brands.

Industry Electronics in Vietnam has many advantages for development as Vietnam is geographically located in a region with a fast-growing and dynamic industrial sector. In addition, there is a domestic market of more than 100 million people and the ability to directly access the market of 600 million people in the ASEAN region, a large international export market thanks to participation in free trade agreements.

In addition, Vietnam also has an abundant labor force and is considered to learn quickly in exploiting, using and assembling electronic devices, including modern electronic devices. Relatively low labor costs create a competitive advantage for businesses compared to businesses in the region...

Vietnam is also a country with important mineral resources necessary for the development of the electronic materials industry such as iron ore, rare earth, titanium, rutile, barite, ilmenite, etc. In addition, Vietnam is a country with stable political security, which is the most important factor for foreign investment enterprises. This has created confidence for foreign investors in a safe investment environment, along with a significantly improved legal and institutional framework that has attracted many foreign investment projects to Vietnam.

Over time, Ministry of Industry and Trade Many international cooperation programs and projects have been implemented, FDI enterprises have had certain policies to support domestic suppliers and domestic enterprises themselves have also made great efforts to improve product quality and competitiveness to join the global supply chain.

However, to take advantage of opportunities and effectively implement the Free trade agreements, many opinions say that electronics enterprises need to improve their capacity to be able to participate in the supply chain of leading enterprises operating in Vietnam and increase their participation in business connection activities and events to be able to take advantage of opportunities to connect with electronics enterprises of leading corporations in the world.

In addition, to be proactive and develop the electronics industry quickly and sustainably today, it is necessary to build measures to protect the consumer electronics market (such as defense taxes, technical barriers, anti-commercial fraud, counterfeit and smuggled goods, etc.). At the same time, focus on supporting a number of promising Vietnamese enterprises in the electronics sector to create opportunities for these enterprises to develop and play a leading role in the domestic electronics market, especially household electronics products.

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