According to the General Statistics Office, the country’s merchandise export turnover in April 2024 was estimated at US$30.94 billion, bringing the total export value in the first four months of 2024 to an estimated US$123.64 billion, up by 15% over the same period last year.
Phone production at Samsung Vietnam
Of which, the domestic economic sector reached US$33.62 billion, up 21%, accounting for 27.2% of the total export value; the foreign direct investment sector (including crude oil) reached US$90.02 billion, up 12.9%, accounting for 72.8%.
Exports to major markets such as the United States, the EU, and China all grew by double digits. Among these markets, the United States is the largest export market for Vietnam with an estimated value of US$34.1 billion, up 19.1% compared to the same period in 2023. Exports to China reached US$18 billion, up 14.4%, to the EU reached US$16.4 billion, up 15%, and to South Korea reached US$8.4 billion, up 10.2%.
The country recorded 21 items with export values exceeding US$1 billion, accounting for 86.4% of the total export value (of which 5 items had export values exceeding US$5 billion, accounting for 57.8%).
Notably, the export of phones and components in April 2024 alone reached over US$4.2 billion, up 9.1% over the same period last year. In the first four months of the year, this item brought in over US$18.4 billion, up 6.6% compared to the same period in 2023, continuing to be the item with the second largest export value after cameras, camcorders, and components.
Vietnam surpassed India to become the world’s second-largest exporter of smartphones, behind only China. Currently, Vietnamese smartphones account for 13% of the global market share.
The United States is Vietnam’s largest customer for this product. Accordingly, in the first quarter of 2024, this market spent over US$3.05 billion on importing various types of phones and components from Vietnam, up 30.4% compared to the same period in 2023. The second-largest market is China, with a value of over US$2.5 billion, down 28% compared to the same period last year.
Notably, the United Arab Emirates has emerged as Vietnam’s third-largest customer with US$897,984, up by a sharp 55.3% over the same period last year.
