Electronics exports forecast to be robust this year
Electronics exports forecast to be robust this year
The electronics industry is forecast to have a robust year, driven by the increase in demand for communication's products due to demand caused by social distancing measures implemented to tackled rising cases of COVID-19, according to the Ministry of Industry and Trade.
The Ministry of Industry and Trade said that as the COVID-19 pandemic has developed exports of many products saw significant drops although some key industrial products saw considerable increases in the first seven months of this year.
Statistics showed that the export of phones and components brought in $29.35 billion from January – July, up 11.9 per cent against the same period last year. More than 128 mobile phones were produced in the period, up by 14.1 per cent.
That Viet Nam’s phones and components exports kept growing was a good sign, signalling a year of strong growth for the electronics industry, which would contribute significantly to the country’s economic recovery and to achieving growth targets, the ministry said.
Phones and components were the top export products of Viet Nam, which account for 15.8 per cent of the country’s total export revenue in the first seven months of this year, followed by electronic products, computers, and components with an export value of $27.4 billion.
The ministry said that the electronics industry would continue to grow in the remaining months of this year, driven by the increase in demand for communication products. A number of companies that produce computer and electronics products in other countries had been forced to close down due to the impacts of the virus.
The ministry predicted that the export value of computers, electronic components and other products of Viet Nam would hit US$50 billion this year, representing a rise of 13.5 per cent against 2020.
Nguyen Thi Thu Thuy, Deputy Director of the Trade Promotion Agency’s Export Promotion Centre, said that the Vietnamese economy continued to see significant changes in the structure of export products. From a country with agricultural products and labour-intensive products being the main exports, Viet Nam was gradually transitioning to producing more high-tech export products with higher added value such as electronics and electronic components.
The ministry said that Viet Nam's electronics products were exported to more than 100 countries including China, ASEAN, Japan and the Republic of Korea and were expanding their presence in EU markets.
In the first quarter of this year, Viet Nam granted licences for capital increases for a number of electronic products, including Korea's LG Display Hai Phong and Singapore's Fukang Technology.
