Vietnam’s imports for electronic products continue to rise in 2011

Although the fluctuation on the dong/US dollar exchange rate during the fourth quarter of 2010 inhibited Vietnam’s import growth for electronic products and spare parts, the country’s import value for these items posted a growth of 23% in 2010 and it is expected to continue to increase in 2011.

In 2010, the country’s import spending on electronic products and components was over $5.141 billion, exceeding 23% against the figure of $4.869 billion in 2009.

In comparison with the estimated figure of Ministry of Industry and Trade set early 2010 at $4 billion, the country’s import spending at over $5.1 billion contributed significantly to the increase of trade gap. Moreover, Vietnam’s highest import value for these products was from China with a rise of 60% in 2010. This showed the pressure from Chinese electronic products dislodged other nations such as Singapore, which is considered the hub in the world of electronics, Korea and Japan also fell behind China.

By opening the retail market from 2009, along with the tax reduction roadmap under the Vietnam-Japan Economic Partnership Agreement (VJEPA), the Asean-China Trade Agreement, Vietnam’s import spending for electronics and components in first six months this year may increase at least 5-10%, especially the products of laptop, desk computers and completely built unit (CBU) television. – Vietbiz24

Tags: Vietnam Electronics Industry

Posted by VBN on Jan 14 2011. Filed under Appliances & Electronics, Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry