Vietnam’s total export value in the first month of 2018 reached US$19 billion, or a reduction of 3.3% from the previous month.
Smartphones also contributed significantly to the reduction of the country's trade deficit in 2017.
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Vietnam’s main export markets include China, the US, European Union (EU) and Korea.
On the other hand, Vietnam’s total import value in January reached US$19.3 billion, or a 3% reduction from December. For example, the import value of completely-built automobiles reached US$304 million, a reduction of 52.1%.
Other products with high import growth rates include smart phones and accessories with 115.8%; electronic products, computers and accessories with 72.3%.
Compared to the same period last year, the import value in January experienced a sharp increase of 47.4%, thanks to high import demand for materials for production and consumption.
In 2017, smartphones and related accessories retained their status as main export products of Vietnam with trade value of US$45.1 billion--the all-time highest number in a year.
The growth rate in export of these products increased 31.4% compared to the same period last year, contributing 21% of total export value at US$213.77 billion. Smartphones also contributed significantly to the reduction of the country's trade deficit in 2017.
The import value of smartphones and related accessories stands at US$16.2 billion, equivalent to a trade surplus of US$28.9 billion in this category. At present, smartphones and accessories from Vietnam are exported to major markets such as European Union, China, United Arab Emirates (UAE), Korea, and the US.
Smartphones are also the among the top 3 main export products of Vietnam. However, the export value of this product is US$20 million higher than the second and third highest export value of Vietnam, namely textiles and garments and electronic products, computers and accessories.
At present, Vietnam is the 12th world’s largest electronics exporter and the third largest exporter in ASEAN. However, 95% of export value comes from foreign direct investments, with domestic enterprises making a minimal contribution to this gain.
In 2016, total value of smartphones and related accessories for export was 34 billion USD, for which the FDI sector has contributed 90% of this above value. With this being said, the majority of domestic enterprises are still only take part in assembling, providing simple services and component, resulting in low added value, lacking competitive edge and unclear strategy for development.
