Computer exports "overtake" phones

Vietnam's computer exports hit record high Exports of computers, electronic components and phones reached nearly 42 billion USD

According to the General Department of Customs, from the beginning of the year to June 15, 2023, the export turnover of computers, electronic products and components reached 22.94 billion USD; meanwhile, phones and components only reached 21.93 billion USD. Thus, computers surpassed phones by 1 billion USD.

Need to develop important electronic components products

Compared to a year ago, both groups of goods saw a decrease in turnover of billions of USD. Specifically, phones and components decreased by 5.11 billion USD, equivalent to a decrease of 18.9% after the first 5.5 months of the year; computers, electronic products and components decreased by 1.74 billion USD, equivalent to a decrease of 7%...

In fact, foreign direct investment (FDI) enterprises contributed 98.3% of the total export turnover of this group of products, reaching over 54.6 billion USD. Many large electronics companies in the world have invested in building high-tech electronic product manufacturing facilities in Vietnam such as: Samsung, LG, Foxconn, Fukang Technology, LG Display Hai Phong. Thanks to that, computer products, components, and electronics are increasingly diversified according to domestic and export market demand.

The main export markets for this group of products include: the US, China, the EU, Hong Kong, ASEAN, and South Korea. Export turnover to the 6 main markets alone reached 46.82 billion USD, accounting for more than 84% of the total export turnover of the group of products.

According to the assessment of the Ministry of Industry and Trade, Vietnam's computer, electronic products and components group has exploited traditional markets well and sought and developed new markets. Vietnam exports computer products and electronic components to over 100 markets worldwide. However, the electronics industry continues to face a decrease in orders due to the global computer and components market being in decline, with little sign of recovery.

Experts say that the wave of FDI investment in the technology sector in Vietnam will increase sharply after the pandemic is controlled. That means expanding the export growth of the electronics industry in the coming years.

However, the challenges facing the electronics industry require the State to promptly and selectively adjust its FDI attraction policy to effectively take advantage of the wave of production shifting to Vietnam; continue to issue policies to support businesses in improving their competitiveness and promoting digitalization; focus on supporting a number of promising businesses, thereby playing a leading role in the domestic electronics market, especially household electrical and electronic products.

Mr. Pham Tuan Anh - Deputy Director of the Department of Industry (Ministry of Industry and Trade) commented that in the coming time, it is necessary to build a long-term support strategy to help transform the industry from simple assembly to production and manufacturing of products with high added value. First, it is necessary to promote the development of products such as screens, semiconductors and important electronic components.

The Ministry of Industry and Trade believes that it is necessary to implement solutions to expand domestic and export markets; enhance the role and effectiveness of trade representative agencies and industry associations; take advantage of opportunities to expand export markets and attract investment from newly signed free trade agreements...

For electronics businesses, it is necessary to pay more attention to identifying core products with breakthrough potential to promote the rapid and effective development of the electronics industry. Each business needs to identify for itself appropriate product and customer segments, and at the same time, consider the ability to anticipate consumer trends as well as the general development of technology in the world. On that basis, it helps domestic businesses focus resources on developing products with good competitiveness.

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