Smartphones and Components Earn Vietnam USD 18.4 Billion In The 1st Four Months of 2024

In the first four months of 2024, Vietnam's exports of phones and components surged, generating over USD 18.4 billion, marking a 6.6% increase compared to the same period in 2023, according to the country's General Statistics Office.

Vietnamese Smartphone Industry's Ascendancy

Vietnam's ascent in the global smartphone export market is remarkable, with the nation surpassing India to become the world's second-largest smartphone exporter, trailing only behind China.

Vietnamese smartphones now command a notable 13% share of the global market, signaling a significant shift in the industry's dynamics.

Strategic partnerships and trade agreements have played a pivotal role in Vietnam's export success. Notably, the United Arab Emirates has emerged as a strategic partner, becoming Vietnam's third-largest customer for smartphones and components.

The exponential growth in exports to the UAE, amounting to nearly USD 900 million, underscores the efficacy of Vietnam's trade diversification efforts.

Total exports on the rise

Merchandise exports in April 2024 are estimated to reach USD 30.94 billion. This brings the total export turnover for the first four months of 2024 to an estimated USD 123.64 billion, representing a 15% increase over the same period last year.

The surge in exports is underpinned by a robust demand from key markets such as the United States, the European Union, and China.

Notably, the United States stands out as Vietnam's largest export market, with a staggering turnover of USD 34.1 billion, showcasing a 19.1% increase over the previous year.

Additionally, exports to China reached USD 18 billion, while those to the EU amounted to USD 16.4 billion, indicating a healthy double-digit growth trend across major markets.

Implications for the Global Tech Landscape

Vietnam's burgeoning presence in the smartphone export market not only underscores the nation's economic prowess but also has profound implications for the global tech landscape.

As Vietnamese smartphones gain traction worldwide, they are poised to reshape competition dynamics and foster innovation in the industry.

With its stellar performance in smartphone exports and a strategic focus on harnessing emerging markets, Vietnam has cemented its position as a pivotal player in the global tech ecosystem. As the nation continues to chart its path towards economic prosperity, its role in shaping the future of technology and trade cannot be overstated.