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Vietnam Today

Tech goods bump up export growth

Released at: 15:21, 19/06/2015

Tech goods bump up export growth

Mobile phones and computers were major contributors to Vietnam's export turnover in first five months.

by Minh Tuyet

Vietnam exported $2.71 billion worth of mobile phones and accessories in May, an increase of 4.6 per cent compared to April, according to Vietnam Customs. Total export turnover of mobile phones and accessories therefore reached $11.98 billion in the first five months of the year, an increase of 20.2 per cent year-on-year. Technology and telecommunication products earned the most export revenue during the period.

The average growth of Vietnam’s export turnover in the first five months was 7.7 per cent, or $4.55 billion. The growth in exported mobile phones and accessories accounted for 44 per cent of total export turnover in the period.

Exported electronic products, computers, and accessories were worth $6.02 billion, $2.25 billion or 59.6 per cent higher year-on-year.

Other goods also saw strong growth in the first five months, including textiles, with export turnover of $8.15 billion, an increase of 9.2 per cent year-on-year (equal to $660 million), and footwear, with $4.69 billion for an increase of 21 per cent (equal to $820 million).

Some goods, however, didn’t fare so well. Due to falling global prices, crude oil export turnover was cut in half compared to the same period last year. Export turnover of seafood, meanwhile, was $2.45 billion, a decline of $460 million year-on-year.

The growth in exported technology products boosted Vietnam’s exports overall, which had been declining. Vietnam Customs also said that the markets for these products were not only regional countries but also developing countries. For example, the EU imported the most, valued at $4.04 billion, for an increase of 13.6 per cent, while the US imported mobile phones worth $1.09 billion, an increase of 64.4 per cent.

One expert said that the main contributor to growth in technology exports was foreign direct investment (FDI) projects. A range of foreign giants, such as Samsung, LG, Intel, Canon, Microsoft, Nidec, Fujitsu, Brother, Panasonic, and Renesas have factories in Vietnam that manufacture products for export to other countries.

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