MoIT expects strong growth for electronics industry
The electronics industry will continue posting strong growth this year thanks to the strong demand for devices for communications and remote work amid the COVID-19 pandemic, the Ministry of Industry and Trade (MoIT) forecast.
The expansion is also attributed to the closure of computer and electronics factories around the world as a result of the pandemic, the MoIT said, predicting the country's electronics exports at about US$50 billion in 2021, up 13.5% from last year.
The MoIT said Vietnam is selling computers and electronic components to more than 100 markets, mainly to China, the US, the Association of Southeast Asian Nations (ASEAN), Japan, and the Republic of Korea.
The country is strongly promoting shipments to EU markets such as the Netherlands, Germany, the Czech Republic, Poland, and Finland, and expanding its market shares in new and potential ones like India and those in Africa, Latin America, and the Middle East.
In the first 10 months of this year, computers, electronic products and components brought home US$41.16 billion while mobile phones and accessories raked in US$46.22 billion, respectively rising 13% and 9.6% year on year.
During 2016 - 2020, electronics exports grew by 23.8% on average, helping Vietnam move from the 47th position in 2001 to the 12th place in the world and the third in ASEAN in this regard, according to the MoIT.