JavaScript is off. Please enable to view full site.

Ample opportunity for Vietnam to boost growth in electronics industry: insider

Ample opportunity for Vietnam to boost growth in electronics industry: insider

Wednesday, June 19, 2024, 17:00 GMT+7
Ample opportunity for Vietnam to boost growth in electronics industry: insider
Vietnam holds plenty of opportunities for shipping more electronic items overseas. Photo: N.Khang / Tuoi Tre

Vietnam should leverage its strengths and actively seize opportunities in order to stay competitive in the global electronics industry, a Vietnam Electronic Industries Association (VEIA) representative told a symposium held in Hanoi on Tuesday.

The event, co-organized by VEIA and Global Sources, a leading business-to-business media company, featured discussions on the present and future of the business-to-business sourcing sector, as well as solutions for enhancing Vietnamese enterprises’ competitiveness in the global supply chain.

Although the impact of an economic slowdown and a shortfall of orders have dampened the manufacturing industry, there are several bright spots amid the gloomy picture of the global economy, such as negotiations for free trade agreements still taking place, the emergence of new growth drivers, and ongoing trends in the electronics industry, said Do Thi Thuy Huong, member of the VEIA's executive board.

Vietnam could benefit from the fierce U.S.-China tech competition, which may prompt investors to shift their production to neighboring countries, including Vietnam, Huong said.

She said the local electronics industry has remained the top contributor to Vietnam’s total export revenue and accounted for over 30 percent of the country’s total trade turnover for the past decade.

The industry’s growth slowed down a bit last year, with export value reaching US$109 billion.

During the first quarter of this year, Vietnam exported $30.5 billion worth of electronic items, with a trade surplus of $4.2 billion.

The U.S and China are the biggest buyers of Vietnamese electronic products.

Vietnam also remained the world's second-largest smartphone exporter and ranked fifth among the top exporters of computers in the first three months.

However, local enterprises have yet to engage deeply in the global electronics supply chain.

The VEIA representative underlined the need for Vietnam to grasp opportunities and leverage its strengths to bolster its competitiveness in the global market.

Speaking at the event, Wilson Wu, vice-president at Global Sources, said that Vietnam has emerged as a lucrative investment destination among Chinese businesses in the field.

Vietnam, Malaysia, and India are China’s three biggest suppliers of electronic products, Wu added.

Vietnam gains a competitive advantage over its rivals by having many assembly factories invested in by major global firms.

Wu elaborated that it is a prime time for Vietnam to make the most of opportunities to thrive further in the electronics industry, for lots of assemblers and importers are shifting production to the Southeast Asian country.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Hong Ngan - Ngoc An / Tuoi Tre News


Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Latest news