Plenty of room for electronics industry to boost exports this year

Friday, November 12, 2021  10:26

VOV.VN - With positive export growth recorded over the past 10 months, Vietnam’s electronics industry is anticipated to rake in US$50 billion from exports this year, a 13.5% rise from last year, according to data compiled by the Ministry of Industry and Trade (MoIT). 

MoIT statistics show that 10-month export turnover of computers, electronic products, and components surged by 13% annually to reach US$41.16 billion, while phone and component exports also grossed US$46.22 billion, an increase of 9.6%.

Throughout the 2016 to 2020 period, exports of electronics, computers, and components grew by an average of 23.8%, making Vietnam the third largest electronic exporter in Southeast Asia.

Last year, despite an array of COVID-19 challenges, the domestic electronic sector earned US$44.6 billion from exports, representing a year-on-year rise of 22.8% and accounting for 15.8% of the total export turnover.

These figures outstripped garment exports in terms of value, growth rate, and proportion.

The export structure of electronic products also changed positively, with an increase in the proportion of Complete Built-Up (CBU) and semi-finished products.

Experts point out that Vietnam’s electronic products have stood firm in traditional markets and are making inroads into new markets.

At present, Vietnam has exported computer products and electronic components to over 100 markets globally, including China, the United States, ASEAN, Japan, the Republic of Korea, as well as the Netherlands, Germany, the Czech Republic, Poland, Finland and others in the European Union.

The MoIT says the electronics industry is projected to enjoy robust growth this year thanks to the increasing demand for these products and factory closures from COVID-19 restrictions globally.