Vietnam’s IT and Electronics Industry Has an Export Revenue of $70 Billion

According to data released by the Ministry of Industry and Trade, Vietnam earned almost $77 billion over the last eight months from exporting phones, computers, electronic items, and spare parts.

The Highlights:

• The Ministry of Industry and Trade has revealed that during the past eight months, exports of electronics, phones, computers, and spare parts brought in over $77 billion for Vietnam.
• Regarding the EU, despite a 5% year-over-year fall in export turnover to $4.61 billion, it continues to rank among the top four export destinations for computers, phones, and componentry.

The US, the EU, China, and South Korea are the top four importers of computers, phones, and parts, with a combined turnover of around $27 billion during the examined period.

All significant markets boosted their imports of goods from the Vietnamese market over the first eight months. Notably, the export revenue to the US was $9.25 billion, the export revenue to China was $8.97 billion, and the export revenue to South Korea was $3.88 billion, representing increases of 48, 11, and 23%, respectively.

Addressing the EU, it still ranks among the top four export destinations for computers, phones, and componentry despite a 5% year-over-year decline in export turnover to $4.61 billion.

Despite various challenges, Samsung's export turnover in the first eight months was $46 billion, up 12% from the same period last year. The organization wants to reach its $68 billion annual goal. In 2021, Samsung's export revenue totaled $65.5 billion, or 20% of all export revenue from Vietnam.

In addition, even though the data for the first eight months has not been updated, the combined export revenue of Foxconn, Luxshare, Winston, Pegatron, and Goertek in the first quarter was more than $27 billion.

Adapted from Vietnam Investment Review