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Vietnam has recently gained another leading export product in the world for the past 2 years, which is smartphones and components. According to a report from HSBC, Vietnam’s global market share for smartphones has significantly increased since 2021. Vietnam has captured a 13% market share, surpassing India to become the second-largest exporter of smartphones in the world after China. More than 50% of the smartphones in the world are produced in China.
According to The Hindu, Indian Minister of Information Technology Rajeev Chandrasekhar mentioned in a recent report that Vietnam has attracted many foreign manufacturers and continuously increased its export market share in recent years, surpassing even South Korea to become the second-largest exporter of smartphones in the world, after China.
In January 2024, according to the preliminary statistics from the General Department of Customs, Vietnam’s exports of all types of phones and components earned over $5.5 million, sharply increasing by 50.4% compared to the previous month and up 11.4% compared to the same period last year.
Source: General Department of Customs
Vietnam’s export markets have undergone significant changes. While China was the largest market for phones and components with a 31% market share, and the US was the second-largest customer with a 15% market share in 2023, the situation reversed in 2024.
The US has become the largest customer with over $1.39 billion in the first month of the year, doubling the figure of the same period in 2023 and accounting for 25% of Vietnam’s export markets for this product.
Statistics for January 2024. Source: General Department of Customs
The second-ranked market is China with over $734 million, a decrease of 58% compared to the same period, accounting for 13%. South Korea is the third-largest export market with over $330 million, an increase of 15% compared to the same period last year, equivalent to 6% of the total.
The statistics from the General Statistics Office show that in 2010, the export turnover of phone and component groups reached only $2.3 billion, accounting for 3.2% of the total export turnover (at that time, textile and garment products held the leading position, reaching $11.2 billion, accounting for 15.5%). During the period from 2011 to 2021, the phone and component group continuously achieved a high growth rate. On average, during the period from 2011 to 2021, it increased by 34%.
In 2023, the phone and component group earned over $52.3 billion, a decrease of 9.7% compared to 2022, while also being the second-highest valued export item among Vietnam’s export items, following computers, electronic products, and components.
According to the General Statistics Office, by the end of 2023, the mobile phone production of Vietnam reached over 197.3 million units, a decrease of 9.9% compared to 2022.
Experts have forecasted that the global smartphone market will be more optimistic in 2024, with an estimated 1.17 billion smartphones being sold and the emergence of phones integrated with AI and VR technologies, along with the fierce competition between Apple and Samsung.
