The Vietnamese electronics industry experienced a stellar year in 2024 with the export value reaching US$126.5 billion

The Vietnamese electronics industry experienced a stellar year in 2024 with the export value reaching US$126.5 billion, equivalent to over one-third of the country’s total export value of US$405 billion. Specifically, the export value of computers, electronics and components reached US$72.56 billion, a 26.6-percent increase compared to 2023, while phone and component export value reached US$53.9 billion, up 2.9 percent.

After its sluggish performance in 2023 with the export value reaching nearly US$110 billion, the electronics sector rebounded strongly in 2024 with an increase of nearly US$17 billion in value. This recovery highlights a robust resurgence in consumer demand and the improved manufacturing capacity of domestic suppliers.

According to experts, Vietnam’s electronics industry has favorable conditions for growth, including its geographic location in a region with fast-growing and dynamic industries, and a domestic market with over 100 million consumers and direct access to the ASEAN market with 600 million consumers. Vietnam also enjoys broad export markets thanks to its participation in numerous free trade agreements (FTAs).

Foreign corporations contribute significantly to Vietnam’s electronics and technology exports. Vietnam has become a preferred investment destination for leading global technology giants, such as Samsung, LG, and Apple.

If the growth momentum of 2024 is maintained, the electronics export value is expected to reach US$140-145 billion in 2025. However, new trade policies of the US will increase the risk of being targeted by trade defense measures for Vietnam’s exports, including electronics, posing a significant obstacle to achieving this target.