This category is computers, electronics, and components products. According to preliminary statistics of the General Department of Customs, in just the first half of February 2024, Vietnam has spent nearly $2.8 billion on importing computers, electronics, and components products.
Overall, from the beginning of the year until February 15, which is 45 days, the import turnover of this category reached over $11.34 billion, an increase of 14.83% compared to the same period in 2023. In fact, this is also the largest imported category and the first category to achieve a billion-dollar turnover scale (including both exports and imports) in Vietnam. Specifically, as of February 15, computers, electronics, and components products accounted for over 28.1% of the country’s total import turnover.
According to the General Department of Customs, Vietnam mainly imports computers, electronics, and various components from markets in the Asian region. Among them, the import of this category from the Chinese market reached $2.62 billion (as of the end of January 2024), an increase of 16.6%, equivalent to an increase of $372 million compared to the same period in 2023. China is also the largest import market for Vietnam in terms of computers, electronics, and components products.
In addition to China, other markets from which Vietnam imports a significant amount of this category include South Korea, with an import turnover of $2.23 billion (a decrease of 18.5% compared to the same period in 2023); Taiwan (China) with an import turnover of $1.16 billion, an increase of 47.7%; and Japan with an import turnover of $857 million, an increase of 24.9%…
In just the first two months of 2024, Vietnam has spent over $11 billion on importing computers, electronics, and components products. Photo: NH
Meanwhile, according to the General Department of Customs, from the beginning of the year until February 15, the export turnover of computers, electronics, and components products reached $7.2 billion. Therefore, in less than two months in 2024, Vietnam has imported over $4 billion more than it has exported in this category.
Prior to that, in 2023, Vietnam’s export turnover of computers, electronics, and components products reached $57.34 billion, an increase of 3.2%, equivalent to an increase of $1.8 billion compared to 2022. On the other hand, Vietnam spent $87.96 billion on importing this category, an increase of $6.1 billion compared to 2022.
So, why does Vietnam spend billions of dollars on importing computers, electronics, and components products?
Key export category of Vietnam
Computers, electronics, and components products are the key export category of Vietnam in recent years. Photo: VK
According to experts, the reason Vietnam spends billions of dollars on importing this category is to serve the production and export activities of computers, electronics, and components products. Because the domestic electronic components are of low quality and cannot meet the needs of production and export enterprises.
Meanwhile, the electronics industry is considered a weak industry in the national economy. This is an industry with a strong position and impact on other industries.
Recognizing this, both domestic and foreign investors have been increasing their investment in this field. Many major electronics companies from around the world have invested in building high-tech electronic production facilities in Vietnam, such as Samsung, LG, Fukang Technology, Foxconn… Currently, computers, electronics, and components products are one of the leading export categories of Vietnam.
The main components that Vietnam mainly imports include: processors, integrated circuits, memory, semiconductors, various screens, tablets…
Article references: Customs, Moit, Taca
