VN IMPORTS OVER US$3 BILLION IN MOBILE PHONES AND COMPONENTS IN Q1

Viet Nam's import of mobile phones and components reached over US$3 billion 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 $3.079 billion worth of mobile phones and components, a 22.4 per cent increase compared to last year and the fifth largest import of the country. The numbers showed Việt Nam spent a total of $789.7 million importing mobile phones and components in April, a slight decrease of just one per cent compared to the previous month.

Top suppliers included mainland China, South Korea and Hong Kong (China).

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

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

Meanwhile, Việt Nam exported $18.1 billion in mobile phones and components during the first quarter of the year, a 5 per cent 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. Việt Nam has maintained a strong momentum to increase its global market share from just under 1 per cent in 2010 to over 12 per cent in 2022 with the US being the main growth driver. From 2018 to 2022, Việt Nam's market share of smartphone exports to the US doubled from 9 per cent to 18 per cent.

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 per cent 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 per cent from 2023 to 2027.

In the domestic market, according to market research firm Statista, the Việt Nam market was projected to reach $4 billion this year with a compound annual growth rate of 1.45 per cent 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.

Source: VNS