Electronics industry eyes US$40 bln export target

(VOV) -Deputy Prime Minister Nguyen Thien Nhan has hailed the impressive growth of Vietnam’s electronics industry, hoping it will bring home US$40 billion from exports by 2017.

Addressing the 18th World Electronics Forum in Hanoi on May 14, Nhan confirmed that the government of Vietnam attaches great importance to developing the electronics industry, crediting it as a major focus for investment from the world’s largest corporations.

He cited Ho Chi Minh City-based Intel plant’s success story as an example. The US corporation has poured a total of US$1 billion in the plant which in turn enjoys annual export earnings of over US$1 billion.

The plant currently employs more than 1,000 skilled workers and engineers both working in Vietnam and conducting internationally-based research.

Most crucially, Nhan added, Intel is comfortable with the level of Vietnam’s training, human resource quality, and technological savvy.

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Many other electronic groups have decided to invest and expand operations in Vietnam in the wake of impressive business performances.

Last year, Samsung Vietnam exported goods worth US$12.7 billion, double their 2011 value.

The group is currently injecting US$2 billion into a new production complex in the northern province of Thai Nguyen.

Most recently, Panasonic spent over US$39.4 million on building a factory for electronic parts in the southern province of Binh Duong. The Taiwanese Winter group has devoted US$870 million to a touch screen manufacturing plant in the northern province of Bac Giang.

According to Deputy Minister of Information and Communications Nguyen Minh Hong, hosting the WEF encourages valuable exchanges of experience between Vietnam’s still fledging industry and those of leading countries around the globe.

Vietnam’s electronics industry meets domestic consumer demands and its products are now shipped to nearly 50 countries.

In 2012, the industry recorded export revenue of US$20.5 billion, accounting for 18 percent of the country’s total export turnover and surpassing crude oil to become Vietnam’s largest export commodity.