A recent report from the General Statistics Office shows that in October, the total preliminary import and export turnover of goods reached 69.19 billion USD, up 5.1% over the previous month and up 11.8% over the same period last year. In the first ten months of 2024, the total preliminary import and export turnover of goods reached 647.87 billion USD, up 15.8% over the same period last year.

In the first 10 months of 2024, there were 31 items with export turnover of over 1 billion USD, accounting for 92.6% of total export turnover. Of which, there were 7 items with export turnover of over 10 billion USD, accounting for 66.5% of total export turnover. Specifically, these were electronics, computers and components; phones and components; machinery, equipment, tools and spare parts; textiles; footwear; wood and wood products; means of transport and spare parts. This is also the highest increase among the group of items with leading export value of Vietnam.

According to the General Statistics Office, the electronics industry has many advantages for development as Vietnam is located in a region with a fast-growing and dynamic industrial sector. Especially the potential from many other large international export markets when Vietnam participates in free trade agreements. In addition, the advantages of attracting foreign investment in the electronics industry also come from the fact that our country has an abundant labor force, meeting high production needs.

Although it is a potential market, the electronics industry still faces many difficulties. Illustrative photo

Despite the potential, the General Statistics Office also pointed out that the industry is facing many difficulties. Currently, the group of Vietnamese electronics, computers and components is still at the early stage of the production chain and depends largely on FDI enterprises. The production capacity of enterprises is still limited, and has not developed export products with high technology content.

As the domestic consumer electronics market is mainly dominated by foreign brands, previously famous domestic electronics businesses are slowing down or gradually losing their brands.

In fact, the scale of Vietnam's electronics market is not only limited to the domestic market but can also be exported to the world. To take advantage of and effectively exploit the potential of the electronics industry, according to economist Nguyen Minh Phong, electronics enterprises need to improve their capacity to participate in the supply chain of leading enterprises operating in Vietnam and increase their participation in business networking activities and events to take advantage of opportunities to connect with EU electronics enterprises.

"In the coming time, there will be many challenges that the economy in general and industrial production in particular will have to face. Accordingly, in order for industrial products in general and the electronics industry in particular to open the door to difficult markets, many synchronous, effective and feasible solutions are needed," said expert Nguyen Minh Phong.

On the business side, Mr. Lai Hoang Duong, Chairman of the Board of Directors of Thanh Giong Communications and Computer Joint Stock Company, said that to start operating in the electronics industry, Vietnamese businesses must prepare clear resources, with targets and goals within a specific time frame.

"In addition, this enterprise also proposed that currently, enterprises need support from the State through programs and activities that can access the electronics industry and semiconductor chip manufacturing technology. In addition, electronics manufacturing enterprises are also having a hard time finding investment capital sources," Mr. Duong emphasized.

According to expert Nguyen Minh Phong, to support electronics industry enterprises to increase their export promotion capabilities and increase their capacity in the global supply chain, one of the solutions identified by the Ministry of Industry and Trade and the foreign trade office system in the coming time is to strengthen trade promotion and expand markets. Thereby, promoting the development of this industry, making an important contribution to the growth of the economy in general.

The scale of Vietnam's electronics market is not only limited to the domestic market but can also be exported to the world.

In addition, to proactively and rapidly and sustainably develop the current electronics industry, expert Nguyen Minh Phong emphasized that policy makers need to develop measures to protect the consumer electronics market. At the same time, focus on supporting a number of promising Vietnamese enterprises in the electronics sector to create opportunities for these enterprises to develop and play a leading role in the domestic electronics market, especially household electronics products.

On the part of the Ministry of Industry and Trade, in recent times, the Ministry has implemented many international cooperation programs and projects. FDI enterprises have had certain policies to support domestic suppliers and domestic enterprises themselves have also made great efforts to improve product quality and competitiveness to join the supply chain of FDI enterprises.

The Ministry of Industry and Trade recommends that in order to take advantage of opportunities and effectively implement free trade agreements, electronics enterprises need to improve their capacity to participate in the supply chain of leading enterprises operating in Vietnam and increase their participation in business networking activities and events to take advantage of opportunities brought about by FTAs.