Phone and component exports on the rise despite COVID-19 threat

20-Mar-2021 Intellasia | VOV | 7:02 AM Print This Post

Since the beginning of the year, phone and component exports have continued to represent a bright spot among key Vietnamese export items despite the impact of the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT).

The opening two months of the year saw Vietnam report nine commodities with export turnover reaching over $1 billion each, making up 73.8 percent of the country’s total export turnover.

Most notably, the export value of phones and components hit $9.3 billion, accounting for one fifth of the total export turnover, and representing a sharp increase of 22.8 percent compared to the same period from last year.

Some major importers of Vietnamese phones and components include the European Union, the United States, and China, with the two-month export value to China alone surging 103.9 percent to approximately $2.5 billion.

The United Arab Emirates (UAE) also favours the Vietnamese phones and components, importing $551 million worth of the products, witnessing an increase of roughly 108 percent and representing two-thirds of its total imports from Vietnam.

The good news comes after several leading tech giants have noted their intentions to shift their production chain to Vietnam from China, or alternatively to expand their operations which are already present in the country, with Apple’s manufacturing partner Foxconn, Luxshare, GoerTek, and Compal building their factories locally.

Moreover, the launch of the latest version of mobile phones by the Republic of Korea’s Samsung Electronics Co. contributed to high growth being recorded in export turnover during the reviewed period.

Do Thi Thuy Huong, a member of the executive board of the Vietnam Electronic Industries Association (VEIA), said the shift in production chains by FDI enterprises in the electronics sector is anticipated to create greater opportunities for Vietnamese firms to become satellite enterprises and suppliers for foreign firms.

https://vov.vn/en/economy/phone-and-component-exports-on-the-rise-despite-covid-19-threat-844068.vov

 

Category: Economy, Vietnam

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