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| Vietnam earned 77.4 billion USD from electronics exports as of August 15, rising 20% year on year. (Photo: VNA) |
As of August 15, Vietnam recorded 244.41 billion USD in total overseas shipments, rising 16% year on year. The revenue includes 77.4 billion USD from electronics exports, up 20%, helping this industry maintain its status as a leading foreign currency earner.
In particular, computers, computer devices, electronic products, and components brought home 42.59 billion USD while phones and components 33.8 billion USD, respectively increasing 30% and 11% from a year earlier, statistics show.
Do Thi Thuy Duong, member of the executive committee of the Vietnam Electronic Industries Association, said electronics export became stagnant last year with a turnover of about 110 billion USD due to impacts of global economic recession and the shortage of orders, but the situation has improved in 2024.
As electronic products and components make up an increasing proportion of total exports, their performance considerably affects overall export growth. During 2011 -2023, they posted an average growth rate of 23.8%.
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| Illustrative photo (Source: Internet) |
This result is attributed to foreign invested businesses. Up to 99% of the industry’s total exports come from those firms, including large investors like Samsung, LG, Intel, and Apple.
Big investments from electronic giants have helped rapidly expand Vietnam’s smartphone market share globally to 13%, the second largest after China.
In its Investment Outlook for the second half of 2024, HSBC forecast Vietnam’s economic growth will remain on the recovery track in H2, driven by the global electronics cycle.
Signs of manufacturing and export recovery are being sustained as seen in the spending of foreign currencies on importing machinery, equipment, and some key commodities to serve export.
Electronics imports reached 64.15 billion USD as of August 15, rising nearly 29% year on year, according to the General Department of Vietnam Customs.
The country’s manufacturing industries have bounced back since the mid-year thanks to a surge in new orders.
The increased import of computers, electronic devices, and components is an indicator of abundant export orders, the Ministry of Industry and Trade explained.
If monthly exports are kept at 11.5 billion USD, overseas shipments of electronics are believed to yield 51.8 - 52.5 billion USD during the remaining months to raise this year’s figure to 130 billion USD and even higher.
Vietnam among top destinations attracting Indian tourists to return
Vietnam is among the top favourite destinations of Indian travellers who wish to return, reported Vietnam News Agency based on a survey by the online travel platform Agoda.
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| Indian tourists visit Trang An Eco-tourism Area in Ninh Binh province (Photo: VNA) |
The "Return Visitor Ranking" survey of Agoda found 67 % of the Indian travelers surveyed said they want to come back to their favourite destinations for their cuisine, ease of travel, and affordability.
Up to 58% of repeat travellers have visited favourite destinations between one to three times in the past decade, the survey found.
According to Krisha Rathi, Agoda's Director for South Asia and the Maldives, this ranking indicates that for Indian travelers, Thailand, Vietnam, and Bali (Indonesia) are not only destinations but also experiences they are eager to repeat.
The survey also highlights the importance of hospitality, with three out of every 10 Indian travelers noting that friendly locals are a key factor in their decision to return.
For Asian travelers, Japan, Thailand, and Vietnam, have become the top destinations they wish to revisit. The ease of travel is the main motivation for 44% of the Asian travelers wanting to return to their favourite destinations.
The survey was conducted via the Agoda platform from August 1 - 19, with over 4,000 participants from 10 markets, including Indonesia, India, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), Thailand, and Vietnam.
Vietnam emerges as second largest supplier of whitefish to US
Vietnam was the second largest provider of whitefish, mainly tra fish (pangasius), to the United- States during the first half of the year, with turnover reaching US$184 million, accounting for 21% of total US import turnover of the product, reported the Voice of Vietnam details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).
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| Photo: VOV |
July alone witnessed tra fish (pangasius) exports to the US soar by 69% on-year to US$31 million, bringing the seven-month tra fish exports to the demanding market up to US$190 million, up 20% against the same period from last year.
Local key tra fish exports to the US include frozen pangasius fillets, value-added products, dried tra fish, and other frozen products.
Most notably, frozen pangasius fillets remained the major export item to the fastidious market in July with a turnover of US$29 million, thereby representing a rise of 61% against the same period from last year.
During the seven-month period, export turnover of this item to the highly lucrative market reached US$185 million, up 19% on-year.
Throughout the reviewed period, the tra fish sector rake in more than US$3 million from value-added exports to the demanding market, resulting in a 14-fold rise on-year and making up 14% of the total export proportion.
Experts attributed the recovery of tra fish exports to the US since the beginning of this year to a remarkable decline recorded in inventories in the market last year.
They predict that export orders of tra fish to the fastidious market will increase ahead in the remaining months of the year as preparations for festivals and year-end holidays are anticipated to push up consumer demand.
Seven-month steel exports to US see upsurge
The United States remained Vietnam’s largest iron and steel export market with volume reaching 1.11 million tonnes during the seven months of the year, representing a sharp rise of 89% on-year, reported the Voice of Vietnam according to data released by the General Department of Vietnam Customs.
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| Photo: VOV |
Italy represented the country's second largest buyer of iron and steel with 922,692 tonnes, down 12% on-year; while Cambodia ranked the third with 674,948 tonnes, up 2.9% on-year.
Within the ASEAN bloc, apart from Cambodia, the nation also exported iron and steel to five other markets, including Malaysia with 499,485 tonnes, up 3.2%; Indonesia with 356,492 tonnes, down 1.4%; Singapore with 157,214 tonnes, up 46%; the Philippines with 144,962 tonnes, down 3.2%; and Thailand with 103,843 tonnes, down 49.3%.
With regard to turnover, the country grossed US$923 million from iron and steel exports to the US, up 91.3% on-year, followed by Cambodia with US$427 million, down 6%; and Italy with US$578 million, down 23.9%.
Statistics indicate that Vietnam exported 8.05 million tonnnes of various types of steel by mid-August, up 19.7% against the same period from last year.
The average steel export price throughout the reviewed period fell by 5.6% on-year to US$732.9 per tonne, which in turn made total turnover reach US$5.9 billion, up only 13% on-year./.