Vietnam: Electronics exports forecast to be robust in 2021

• The electronics industry is forecast to have a robust year, driven by the increase in demand for communication’s products due to demand caused by social distancing measures implemented to tackled rising cases of COVID-19, according to the Ministry of Industry and Trade.
• Statistics showed that the export of phones and components brought in USD29.35bn from Jan 21 – Jul 21, up 11.9% y/y against same period in 2020. More than 128 mobile phones were produced in the period, up by 14.1% y/y.
• Phones and components were the top export products of Việt Nam, which account for 15.8% of the country’s total export revenue in the first seven months of 2021, followed by electronic products, computers, and components with an export value of USD27.4bn.
• The ministry predicted that the export value of computers, electronic components and other products of Việt Nam would hit USD50bn in 2021, representing a rise of 13.5% against 2020.
• Nguyễn Thị Thu Thủy, Deputy Director of the Trade Promotion Agency’s Export Promotion Centre, said that the Vietnamese economy continued to see significant changes in the structure of export products. From a country with agricultural products and labour-intensive products being the main exports, Việt Nam was gradually transitioning to producing more high-tech export products with higher added value such as electronics and electronic components.

External Link : https://vietnamnews.vn/economy/1008522/electronics-exports-forecast-to-be-robust-this-year.html