Illustration photo
According to statistics from the General Department of Customs, the import of phones and components to Vietnam in December reached over 727 million USD, a decrease of 19.8% compared to the previous month. In 2023 as a whole, the country spent over 8.7 billion USD on phone and component imports, a 58.6% decrease compared to 2022.
In terms of market, the import of phones and components to Vietnam in 2023 has seen a change in the largest supplier. While South Korea was the largest supplier with over 11.4 billion USD, accounting for over 54% market share, and China ranked second with over 8 billion USD, accounting for over 38% market share in 2022; in 2023, the neighboring country has witnessed a strong change.
By the end of 2023, China became the largest market supplying phones and components to Vietnam, reaching a value of over 7.2 billion USD, accounting for 83% market share, although decreasing by 10% compared to 2022.
Source: General Department of Customs
In addition to South Korea and China, phones and components are also imported to Vietnam from other countries and territories such as Hong Kong (China) with over 21 million USD, Taiwan (China) with over 11.8 million USD, and the US with over 9.8 million USD.
The main reason for the decrease in the import of phones and components is weak domestic consumption, while phone and component export orders have also decreased significantly.
According to Counterpoint Research, while the overall phone market tends to decline, in the fourth quarter of 2023, global sales of smartphones in the $600 price segment (equivalent to nearly 15 million VND) and above increased by 6% compared to the same period of the previous year.
According to predictions from Canalys (an independent analysis company), all major markets, except North America, will have smartphone sales growth in 2024. Asia-Pacific, the Middle East, and Africa are expected to achieve 6% growth in 2024, while Europe is expected to achieve 7% growth compared to this year. Canalys also predicts that the increasing demand trend will continue to rise in the coming years, ultimately reaching 1.25 billion smartphones sold by 2027.
The recovery in the global smartphone market will be demonstrated through two main factors. First, markets that have faced supply difficulties due to import control from Covid-19 are expected to recover. Second, companies have overcome inventory difficulties, paving the way for regular product release schedules and deliveries.
According to forecasts from market research company Statista, in 2024, the smartphone market in Vietnam will reach $4 billion, with a compound annual growth rate of 1.45% from 2024 to 2028.
