Vietnam imports over 3 billion USD worth of mobile phones, components in Q1

Vietnam's import of mobile phones and components reached over 3 billion USD during the first quarter of 2024, according to data from the General Department of Vietnam Customs.

The first quarter of 2024 saw the Southeast Asian country import more than 3.07 billion worth of mobile phones and components, a 22.4% increase compared to last year and the fifth largest import of the country. The numbers showed Vietnam spent a total of 789.7 million USD importing mobile phones and components in April, a slight decrease of just 1% compared to the previous month.

Top suppliers included mainland China, the Republic of Korea (RoK) and Hong Kong (China).

Of which, mainland China contributed over 2.66 billion USD, a significant jump of 25% compared to the same period last year, while the RoK contributed 134.5 million USD, a 21% decrease year-on-year. During the period, Hong Kong recorded a significant growth of 275%, or 25.3 million USD.

Other large suppliers included India, the UK, Taiwan (China), the US and Japan.

Meanwhile, Vietnam exported 18.1 billion USD worth of mobile phones and components during the first quarter of the year, a 5% increase year-on-year, accounting for the second largest export from the country, following computers, electronic products and components.

China was the Southeast Asian top exporter of mobile phones. Vietnam has maintained a strong momentum to increase its global market share from just under 1% in 2010 to over 12% in 2022 with the US being the main growth driver. From 2018 to 2022, Vietnam's market share of smartphone exports to the US doubled from 9% to 18%.

China continued to dominate the world's mobile phone industry, accounting for nearly half of the global market share despite large falls in demand and supply disruption during the pandemic. Hong Kong has leveraged its strategic location, trade infrastructure and business-friendly environment to become a crucial gateway for smartphone manufacturers, accounting for 9.6% of the global market.

Singapore-based research firm Canalys estimated that 1.13 billion smartphones were shipped in 2023 and are expected to reach over 1.17 billion this year. Production was also expected to reach 1.25 billion units by 2027, with a compound annual growth rate (CAGR) of 2.6% from 2023 to 2027.

In the domestic market, according to market research firm Statista, the Vietnam market was projected to reach 4 billion USD this year with a compound annual growth rate of 1.45% from 2024 to 2028.

In 2024, smartphone sales in the country have been forecast to reach 21.4 million units. Since the beginning of the year, several new phone models have been launched to positive reviews including the Samsung Galaxy S24 Series, Honor X9b 5G and Xiaomi Redmi 12 Series./.