13-Nov-2021 Intellasia |
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 50 billion USD in 2021, up 13.5 percent 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 41.16 billion USD while mobile phones and accessories raked in 46.22 billion USD, respectively rising 13 percent and 9.6 percent year-on-year.
During 2016 2020, electronics exports grew by 23.8 percent 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./.
Category: Business, Vietnam
Article source: https://www.intellasia.net/moit-expects-strong-growth-for-electronics-industry-982979