According to preliminary statistics from the General Department of Vietnam Customs, in June 2024, the export turnover of telephones and components in Vietnam reached nearly USD 4.75 billion, up 11.2% compared to May 2024 and up 18.3% over the same period last year.
In the first six months of 2024, the export turnover of this technology group reached nearly USD 27.15 billion, up 12.2% over the same period in 2023. This commodity group ranked second in export turnover among Vietnam’s commodity groups (after computers, electronics, and components) and accounted for a large proportion of 14.2% in the total export turnover of goods nationwide.
The top three technology powers in the world have all turned to Vietnam. Specifically, China was Vietnam’s largest export market in the first half of 2024, reaching nearly USD 6.12 billion, down 3.5% over the same period last year, accounting for 22.5% of the country’s total export turnover of telephones and components of all kinds. In June 2024 alone, the export turnover to this market reached nearly USD 1.43 billion, up 17.9% compared to May 2024 but down 10% over the same period last year.
The second largest export market was the US, with nearly USD 5.5 billion, up 34.7%, accounting for 20.3%. In June 2024, the turnover reached USD 873.58 million, up 7.4% compared to May 2024 and up a strong 82.3% over the same period last year.
The third was the Korean market, with nearly USD 1.77 billion, accounting for 6.5%, up 10.9% over the same period last year. Following are other large markets such as the U.A.E with over USD 1.71 billion, up a strong 66.7%; and India with USD 924.42 million, up 102.9%.
In general, the export turnover of telephones and components to most key markets in the first six months of 2024 increased compared to the same period in 2023.
Since 2021, Vietnam’s smartphone market share in the global market has increased significantly. Vietnam has captured a 13% market share, quickly surpassing India to become the second-largest smartphone exporter in the world, only after China.
Meanwhile, according to the Ministry of Industry and Trade, domestically produced electronic products are diverse in types, colors, and designs, with good quality, meeting most of the domestic demand and exporting to many countries around the world. Many big technology brands also continuously set up telephone and component assembly plants in Vietnam, such as Samsung, Apple, and Foxconn.
Vietnam’s strategic location adjacent to China and its proximity to important maritime trade corridors have also turned the country into a magnet for investment from multinational corporations from Korea and Japan in the field of electronic component manufacturing. Along with competitive labor costs and strong infrastructure suitable for export efficiency, Vietnam has quickly become a favored destination for global production activities.
