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Vietnam is increasingly attracting the attention of global tech giants, and the country has also become the world’s second-largest exporter of mobile phones.
Notably, alongside mobile phones and computers, another product that consistently brings in hundreds of millions of USD each month and is highly sought-after by the top three tech powers is cameras, camcorders, and their components.
According to preliminary statistics from the General Department of Vietnam Customs, exports of cameras, camcorders, and related components in July earned over 639 million USD, a significant increase of 45.6% compared to the previous month. In the first seven months of the year, Vietnam’s revenue from this product category exceeded 4.6 billion USD, a substantial growth of 51.5% year-on-year.
In terms of market breakdown, China was Vietnam’s largest trading partner for this group of products, with a turnover of 2.7 billion USD in the first seven months, marking an impressive 85% increase compared to the same period last year.
The United States followed in second place, with exports totaling more than 652 million USD, reflecting a 32% rise year-on-year.
South Korea was the third-largest market for cameras, camcorders, and components, with exports totaling over 275 million USD, a slight decrease of 4% compared to the same period last year.
In 2023, Vietnam’s exports of cameras, camcorders, and related components brought in more than 7.6 billion USD, a notable increase of 19.5% compared to the previous year, making it the third-fastest-growing export category, following only fruits and vegetables and rice.
According to industry experts, Vietnam’s potential for exporting information technology products and electronic components is on the rise. Since January 1, 2006, the commitments made by the ASEAN Free Trade Area (AFTA) on the roadmap for tariff reduction for electronic products have been fully implemented.
Vietnam’s accession to the World Trade Organization (WTO) and a series of new-generation Free Trade Agreements (such as the TPP and the EU-Vietnam FTA) have created favorable conditions for businesses in the electronics industry to tap into their vast potential and expand their reach into regional and global markets.
There has been a significant resurgence in foreign direct investment (FDI) into Vietnam’s technology sector. The increase in capital from foreign investors to expand production in Vietnam goes hand in hand with the expansion of the electronics industry’s export growth in the coming years.
To maintain its position and development potential, experts advise that manufacturers focus on investing in product quality improvement and productivity enhancement to meet the stringent requirements of the international market. Technological innovation also plays a crucial role in creating highly competitive products that cater to the diverse needs of consumers.
The digital camera market is highly competitive due to the presence of prominent companies such as Nikon Corporation, Sony Corporation, and Canon Inc., among others.
Despite facing intense competition from smartphones, market players are focusing their efforts on launching products that target suitable customer segments.
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