Electronics exports face difficulties due to COVID-19
Electronics exports face difficulties due to COVID-19
The electronics industry in the last six months of the year is forecasted to be still greatly affected by the COVID-19 pandemic, which reduces demand in the US and European markets.
The report on industrial and commercial production in the first six months of the Ministry of Industry and Trade showed that the production index of electronics and computers in the six months increased by 9.8 per cent over the same period last year.
In detail, export value of computers, electronic products and spare parts increased by 24.2 per cent, reaching US$19.28 billion; mobile phones and components reached about $21.5 billion, down 8.4 per cent.
The first six months have passed with a relatively high growth in production and exports, but the Ministry of Industry and Trade is still concerned that the situation in the last six months of the year may not be very satisfactory.
The electronics industry may still suffer from serious effects due to the pandemic.
In particular, Samsung's global sales and output are forecasted to decline due to the overall impact of the pandemic. Samsung Viet Nam is expected to reduce its export target to about $45.5 billion this year.
However, the Ministry of Industry and Trade said that Viet Nam’s pandemic control has been highly appreciated by the international community.
This is considered an important driving force to attract more foreign investment into the country after the pandemic.
In addition, transnational corporations are considering shifting investment, so this is a great opportunity for Viet Nam to catch this wave of investment.
