Made-in-Vietnam phones post record export turnover of US$58 billion in 2021

Vietnam’s exports of phones and accessories in 2021 earned a record high of US$57.54 billion, representing an increase of 12.4% year-on-year, according to the General Department of Vietnam Customs (GDVC).

Smartphones production at Samsung Vietnam. Source: Samsung Vietnam

The figure places phones and accessories as Vietnam’s export items with the highest earnings in 2021, while computers, electronics, and parts ranked second with $50.83 billion.

Among key markets for these products, China took the lead with a turnover of $15.18 billion, up 23% year-on-year; followed by the US ($9.59 billion), up 10.3%; and the EU ($7.89 billion), down 9.1%.

The GDVC noted a significant improvement in Vietnam’s phones exports that have been on a steady rise from a modest $2.3 billion in 2010 to nearly $58 billion in 2021, or a 25-fold increase.

At present, Samsung is Vietnam’s largest electronics and phones producer. Despite the severe Covid-19 impacts on the global economy and that of Vietnam, the local phones and electronics production industries have been performing positively and contributed a significant part to the overall economic growth, estimated at around 18.1% of the GDP.

In 2021, Vietnam saw eight groups of export products with a turnover of over $10 billion, including smartphones and parts ($57.54 billion); electronics and computers ($50.83 billion); garment ($32.35 billion); machinery and equipment ($17.75 billion); footwear (17.75 billion); wood and wooden products ($14.81 billion); steel ($11.8 billion); vehicles and parts ($10.62 billion).

Vietnam’s trade turnover in 2021 was estimated at $668.55 billion, or an increase of 22.6% year-on-year, of which exports stood at $336.31 billion, up 19%, and imports of 332.23 billion, up 26.5%.