Electronics

The General Administration of Customs of Vietnam announced that as of the end of October, the bilateral trade volume between Vietnam and China reached 133.67 billion U.S. dollars. China is Vietnam's largest trading partner and largest import market.

u3000u3000 China's import and export situation

u3000u3000In the Sino-Vietnamese trade, Vietnam imported 89.15 billion U.S. dollars from China, an increase of nearly 36% year-on-year, which is equivalent to a net increase of 23.6 billion U.S. dollars. There are a number of commodity imports exceeding 1 billion U.S. dollars, and 2 items exceeding 10 billion U.S. dollars. The import volume of mechanical and electrical equipment was the largest, reaching US$20.65 billion, a year-on-year increase of 57.63%, equivalent to a net increase of US$7.55 billion. Followed by computers, electronic products and accessories, reaching 17.43 billion US dollars, an increase of nearly 23.7%.

u3000u3000In the first 10 months, exports to China totaled US$44.52 billion, a year-on-year increase of 17.56%, equivalent to a net increase of US$6.65 billion.

u3000u3000 In the first 10 months, the export value of many commodities to China exceeded US$1 billion. Among them, the largest exports are telephones and accessories, which amounted to 11.85 billion U.S. dollars. It is also the only commodity with an export value exceeding US$10 billion in the first 10 months.

u3000u3000 Good product structure

u3000u3000 China-Vietnam trade has a bright electronic product trade situation, and Vietnam has a huge export space for electronic products. In the first October of 2021, of the 31 categories of goods exported by Vietnam with a value of over 1 billion U.S. dollars, computers, electronic products and parts and components reached 41.16 billion U.S. dollars, an increase of 13% over the same period in 2020. The export value of mobile phones and parts reached US$46.22 billion, an increase of 9.6%.

u3000u3000 The Ministry of Industry and Trade of Vietnam stated that the electronics industry is a manufacturing industry that plays a key role in the economy and has a strong spillover effect on other industries. During the period 2016-2020, exports of electronics, computers and parts grew by an average of 23.8%. This result makes Vietnam rise from 47th in 2001 to 12th in the world in terms of electronic exports, and ASEAN ranks 3rd.

u3000u3000 In 2020, although the economy will be greatly affected by the new crown epidemic, this category of commodities will still achieve rapid and stable growth. The export value of electronic products continued to grow substantially, reaching 44.6 billion U.S. dollars, an increase of 22.8% over 2019, accounting for 15.8% of the total export; in terms of value, growth rate and share, it exceeded the export of textiles and clothing.

u3000u3000 It is worth noting that the export structure of computers, electronic products and parts and components has undergone major changes from 2016 to 2020. In 2016, exports of parts and semi-finished products accounted for a relatively large amount, reaching 65.7%. By 2020, the proportion of exports of electronics, computers and parts will fall to 59.9%. The report shows: "The export structure has improved in the positive direction of Industrial Revolution 4.0, and Vietnamese goods have participated more deeply in the global supply chain, which has increased the productivity of the industry. The export structure of electronic products has undergone positive changes, and the proportion of complete machines or semi-finished products has increased."

u3000u3000Especially in 2020, the export of complete machines and semi-finished products will account for 52% of the total export of computers, electronic products and parts, and 70% of the total exports of mobile phones. Among them, the proportion of tablet computers, computer parts, televisions, office equipment, mobile phones, etc. continues to increase.

u3000u3000 Forecast a year of strong growth

u3000u3000According to the assessment of the Ministry of Industry and Trade of Vietnam, Vietnam’s computer, electronic products and parts have effectively opened up traditional markets, and are constantly seeking and developing new markets. Vietnam exports computer products and electronic components to more than 100 markets around the world, of which they are mainly sold to markets such as China, the United States, ASEAN, Japan, and South Korea. At the same time, it exports strong exports to EU markets such as the Netherlands, Germany, the Czech Republic, Poland, and Finland. In addition, exports to Hungary, Poland, the Czech Republic and Slovakia are also increasing. In particular, it will focus on exploring new potential export markets in Africa, Latin America, the Middle East, and India, and strive to create breakthroughs.

u3000u3000The Ministry of Industry and Trade stated that the electronics industry will continue to grow strongly in 2021, because consumers' demand for communication products and work tools has increased significantly due to the impact of the epidemic and the implementation of social distancing. In addition, the epidemic has also led to the closure of some computer and electronics manufacturing companies around the world.

u3000u3000It is estimated that in 2021, the export volume of computers, parts and electronic products will reach about US$50 billion, an increase of 13.5% over 2020. These are all positive signals, indicating the growth of the industry, which will make a huge contribution to the process of Vietnam's economic recovery and the realization of Vietnam's 2021 growth target.

u3000u3000 Today, with the rapid development of international trade, more frequent economic and trade exchanges between countries, and increasingly close international division of labor and cooperation, a stable market and huge growth space may create more opportunities and possibilities for import and export enterprises. Of course, international competition may become more intense. Enterprises must remain sensitive, actively transform, and use all opportunities to achieve breakthroughs and development.