Computer, electronic product exports could soon reach 60 billion USD
Workers of Foster Electric Vietnam Co. Ltd. on a production line.

Exports of computers, electronic products and components hit 50.82 billion USD last year, putting it in second position in the group of key export products.

Statistics of the General Department of Customs showed that the export turnover of this group of goods grew 14.05 percent year-on-year, equivalent to an increase of 6.25 billion USD, accounting for over 15 percent of the total export turnover of goods of the country.

This export result exceeded the forecast made by the Ministry of Industry and Trade in the third quarter of last year, when it said that computers, components and electronic products could reach about 50 billion USD, a year-on-year increase of 13.5 percent.

As the transport of goods to major markets faces many difficulties, the export turnover of computers, electronic products and components still grew in most key markets.

The US market is leading the import turnover of this group of goods from Vietnam, accounting for 25 percent of the export proportion. Exports to China reached nearly 11.1 billion USD, although only increasing by less than 1 percent, this still accounted for 21.83 percent of the total export turnover of the whole industry.

The third largest market is Hong Kong, which grew by 50 percent, bringing turnover to 6.3 billion USD, the EU ranked fourth with 5.9 billion USD, up 2.59 percent, and the Republic of Korea ranked fifth, reaching 3.49 billion USD, up nearly 22 percent.

Four other markets with export turnover from over 1 billion USD to approximately 2 billion USD, respectively, are the Netherlands with 1.8 billion USD, up 5.2 percent; Mexico with 1.35 billion USD, up 17.4 percent; Poland with 1.14 billion USD, up 14.9 percent and Slovakia with 1.04 billion USD, up 27.7 percent.

In addition, there are a series of markets with import turnover of nearly 1 billion USD, including Japan (996 million USD), Taiwan (938 million USD), Singapore (924 million USD), and India (828 million USD).

The electronics industry grew strongly due to the demand for consumer goods for communication as well as means of work in the context of social distancing due to the impact of COVID-19 over the last two years.

This industry has made good use of the opportunity to accelerate exports during the pandemic. The Ministry of Industry and Trade said that the production of computers and electronic components in Vietnam is mainly dominated by foreign companies, especially multinational companies.

Although the number of foreign-invested enterprises (FDI) is only a third of the total number of electronic enterprises in Vietnam, the export proportion of these enterprises has accounted for more than 90 percent of total export turnover and covers 80 percent of domestic market demand from 2016 to 2021.

In Vietnam, the electronics industry has enjoyed high export growth, thanks in large part to the presence of multinational technology groups leading global value chains and shifting orders out of China.

The electronics manufacturing industry still has a positive outlook when the investment shift of transnational corporations opens up great opportunities for Vietnam. For example, LG has moved its entire production line to Hai Phong, Apple has moved iPad and MacBook production lines from China to Vietnam, and Panasonic has stopped producing washing machines and refrigerators in Thailand to consolidate equipment assembly in Vietnam.

With an increasingly important position in the global supply chain, Vietnam continues to be an important order address for large corporations and enterprises.

Accordingly, the export turnover of computers, electronic products and components is forecast to continue to grow strongly this year and the export milestone of 60 billion USD is not out of reach./.