Vietnam imports over 3 billion USD worth of mobile phones, components in Q1: General Department of Customs.
Vietnam's import of mobile phones and components reached over 3 billion USD during the first quarter of 2024, according to data from the General Department of Vietnam Customs.
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The first quarter of 2024 saw the Southeast Asian country import more than 3.07 billion worth of mobile phones and components, a 22.4 per cent increase compared to last year and the fifth largest import of the country. The numbers showed Vietnam spent a total of 789.7 million USD importing mobile phones and components in April, a slight decrease of just 1 per cent compared to the previous month.
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| Workers during a shift in a phone factory in the northern province of Bac Ninh. (Source: baogiaothong.vn) |
Top suppliers included mainland China, the Republic of Korea (RoK), and Hong Kong (China).
Of which, mainland China contributed over 2.66 billion USD, a significant jump of 25 per cent compared to the same period last year, while the RoK contributed 134.5 million USD, a 21 per cent decrease year-on-year. During the period, Hong Kong recorded a significant growth of 275 per cent or 25.3 million USD.
Other large suppliers included India, the UK, Taiwan (China), the US and Japan.
Meanwhile, Vietnam exported 18.1 billion USD worth of mobile phones and components during the first quarter of the year, a 5 per cent increase year-on-year, accounting for the second largest export from the country, following computers, electronic products, and components.
China was the Southeast Asian top exporter of mobile phones. Vietnam has maintained a strong momentum to increase its global market share from just under 1 per cent in 2010 to over 12 per cent in 2022 with the US being the main growth driver. From 2018 to 2022, Vietnam's market share of smartphone exports to the US doubled from 9 per cent to 18 per cent.
China continued to dominate the world's mobile phone industry, accounting for nearly half of the global market share despite large falls in demand and supply disruption during the pandemic. Hong Kong has leveraged its strategic location, trade infrastructure, and business-friendly environment to become a crucial gateway for smartphone manufacturers, accounting for 9.6 per cent of the global market.
Singapore-based research firm Canalys estimated that 1.13 billion smartphones were shipped in 2023 and are expected to reach over 1.17 billion this year. Production was also expected to reach 1.25 billion units by 2027, with a compound annual growth rate (CAGR) of 2.6 per cent from 2023 to 2027.
In the domestic market, according to market research firm Statista, the Vietnam market was projected to reach 4 billion USD this year with a compound annual growth rate of 1.45 per cent from 2024 to 2028.
In 2024, smartphone sales in the country have been forecast to reach 21.4 million units. Since the beginning of the year, several new phone models have been launched to positive reviews including the Samsung Galaxy S24 Series, Honor X9b 5G, and Xiaomi Redmi 12 Series.
(Source: VNA)
