VN hopes to foster computer, electronic, component exports to the UK

In 2021, Việt Nam’s exports of computers, electronic products and components to the UK also saw an encouraging increase of 5.6 per cent year-on-year. This group of goods was also among the list of key industrial products of Việt Nam exported to the UK. That also included phones and components; machinery, equipment and spare parts, steel and iron.
VN hopes to foster computer, electronic, component exports to the UK
Electronic circuit boards being tested at a factory in Bắc Ninh Province. — VNA/VNS Photo Danh Lam

Việt Nam hopes to boost its exports of computers, electronic products and components to the UK in the near future after it has gained success in shipping this group of goods to many other overseas markets.

In 2021, exports of computers, electronic products and components earned Việt Nam US$50.8 billion, making it the second biggest export group, according to the General Department of Customs.

Export turnover of this group of goods last year grew 14.1 per cent year-on-year, equivalent to an increase of $6.3 billion, accounting for over 15 per cent of the nation's total export turnover.

The US market was the biggest for this group of goods from Việt Nam, accounting for 25 per cent of exports. Exports to mainland China reached nearly $11.1 billion, although only increased by less than 1 per cent and accounted for 21.83 per cent of the total export turnover of the whole industry.

The third largest market was Hong Kong, which grew by 50 per cent, bringing turnover to $6.3 billion. The EU came fourth with $5.9 billion, up 2.6 per cent, and South Korea ranked fifth, reaching $3.5 billion, up nearly 22 per cent.

Four other markets with export turnover from $1 billion to $2 billion were the Netherlands with $1.8 billion, up 5.2 per cent; Mexico ($1.4 billion, up 17.4 per cent); Poland ($1.1 billion, up 14.9 per cent) and Slovakia ($1.0 billion, up 27.7 per cent).

In addition, there were a series of markets with import turnover of nearly $1 billion, including Japan ($996 billion), Taiwan ($938 million), Singapore ($924 million), and India ($828 million).

In 2021, Việt Nam’s exports of computers, electronic products and components to the UK also saw an encouraging increase of 5.6 per cent year-on-year. This group of goods was also among the list of key industrial products of Việt Nam exported to the UK. That also included phones and components; machinery, equipment and spare parts, and steel and iron.

VN hopes to foster computer, electronic, component exports to the UK
Tablets are produced at a factory in the central city of Đà Nẵng. — VNA/VNS Photo Quốc Dũng

The Ministry of Industry and Trade said tariff preferences under the UK-Việt Nam Free Trade Agreement (UKVFTA) are providing many Vietnamese products, typically computers, electronic products and components, with competitive advantages compared with similar products from other countries.

Under the trade pact, 74 per cent of tariffs on computers, electronic products and components imported from Việt Nam have been eliminated since January 1, 2021 while tariffs on all other products will be removed after two or four years.

In addition, Vietnamese exporters can also utilise the UK’s increasing demand for these products to foster their exports to this lucrative market, trade experts said.

The UK Department for International Trade said that out of the UK's top 10 imported products in 2021, electronic equipment ranked fifth with a turnover of 45.1 billion pounds ($52.7 billion), up 3 per cent year-on-year. In the second quarter of this year, the UK's electronic equipment saw a yearly hike of 15.7 per cent to surpass 12.5 billion pounds.

Nguyễn Cảnh Cường, trade counsellor at Việt Nam's Embassy to the UK, told Việt Nam News that the UK does not have its own consumer electronics manufacturing industry. All consumer electronics products available in the market are imported.

Market demand is huge and is constantly increasing, especially for smartphones, tablets, laptops and PCs, Cường said, adding that that will create opportunities for Việt Nam's consumer electronics products.

He told Việt Nam News that Việt Nam’s exports of consumer electronics products to the UK will surge in the near future.

Despite a bright outlook for this group of goods to the UK, more support from the State and greater efforts from Vietnamese exporters are needed amid the country's participation in many free trade agreements, experts have suggested.

In order to facilitate exports of computers, electronic products and components to overseas markets including the UK, the General Statistics Office underlined the need to provide support for firms in the process of researching new products, launch trade promotion schemes, and fine-tune the legal system, especially specific regulations placed on goods of Vietnamese origin.

Simultaneously, it is essential to boost export market expansion, improve the operational efficiency of Việt Nam's representative agencies abroad and sector associations in implementing trade promotion activities whilst disseminating the details of the FTAs so that businesses could utilise the opportunities brought by these FTAs.

The export turnover of computers, electronic products and components is forecast to continue to grow strongly this year and the export milestone of $60 billion is not out of reach, according to experts. — VNS

Source: VNS
vietnamnews.vn

Related News

Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Vietnam rises 11 places in budget transparency ranking

Vietnam rises 11 places in budget transparency ranking

VCN - The results of the Open Budget Survey 2023 (OBS 2023) have just been announced by the International Budget Cooperation (IBP), Vietnam's budget transparency ranking continues to be raised to 57 out of 125 countries, climbing 11 places compared to the 2021 assessment period and rising 20 places compared to 2019.
South Korea is Vietnam’s leading trading partner

South Korea is Vietnam’s leading trading partner

VCN – South Korea has maintained its position as largest trading partners of Vietnam for many years.
Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

VCN - On June 26, Minister Ho Duc Phoc had a meeting with Mr. Ito Naoki, Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam. Speaking at the reception, the Minister said that Vietnam wanted to have a breakthrough in the process of investing ODA capital, focusing on large national projects.

Latest News

Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - In the context that the logistics industry in Vietnam is forecast to continue to grow strongly, many businesses are actively applying technology and expanding service chains to take advantage of opportunities and keep pace with the general trend.
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.

More News

Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
MoIT warns about international trade fraud

MoIT warns about international trade fraud

Trade experts said that the number of cases was increasing and taking place in all markets from Africa, the Middle East, India to developed countries such as the US, the Netherlands, and Italy.
Enterprises self- renovate to promote exports to the Central region

Enterprises self- renovate to promote exports to the Central region

VCN - Opportunities to cooperate and promote the export of products of Central region enterprises directly into foreign distribution networks and effectively participate in the global production value chain... are assessed to have a lot of potential.
Corporate culture "lighting the way" for sustainable development

Corporate culture "lighting the way" for sustainable development

VCN - The government aims to cultivate and develop numerous business leaders capable of heading strong economic conglomerates by 2030, leveraging their roles to lead and pave the way. To achieve this goal, financial strength alone is not enough; a robust foundation in business culture is essential.
The fast-moving consumer goods industry aims for green and sustainable development

The fast-moving consumer goods industry aims for green and sustainable development

VCN - Vietnam's consumer goods industry currently has the fastest growth rate in the ASEAN region. However, for sustainable development in the future, businesses in the fast-moving consumer goods industry need to aim for green consumption.
Stronger “medicine” needed to help businesses overcome difficulties

Stronger “medicine” needed to help businesses overcome difficulties

Businesses have suggested the Government maintain its support to help them overcome difficulties, recover production and business activities, and promote growth, given the fact that many of them still face difficulties despite the country’s GDP growth rate of 6.42% in the first half of this year.
Insiders optimistic about durian export to China

Insiders optimistic about durian export to China

Insiders believe in a bright prospect for durian export to China though the world’s largest durian consumer is expanding the cultivation of this fruit.
Vietnam

Vietnam's cashew industry facing fluctuations in raw material prices

VCN - Although exports recorded double-digit growth in the first half of 2024, Vietnam's cashew industry is facing fluctuations in raw material prices.
Many seafood enterprises focus on developing the domestic market

Many seafood enterprises focus on developing the domestic market

VCN - In addition to promoting exports, many seafood businesses are expanding their market share in the domestic market to complete their plans.
Read More

Your care

Latest Most read
Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - Logistics plays an important role in the entire process from social production, import and export, circulation and distribution to consumption, creating added value, making an increasingly greater contribution to promoting the growth of the country'
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.
Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
Mobile Version