Business News in Vietnam on May 19, 2024

Vietnamese phones and components have lost their position as the number one export group to the Chinese market, with a decrease of 14% in export value in the first four months of this year. According to the latest preliminary statistics from the General Department of Customs, Vietnam’s exports to the Chinese market reached US$17.7 billion by the end of last month, an increase of 10.9% over the same period last year. This shift in export rankings confirms that China continues to be Vietnam’s second largest export market, following the US.

There are five groups of export products to China, which account for a turnover of over $1 billion by the end of April, three more than the same period last year. These three product groups are cameras, camcorders, and components with an export turnover reaching $1.88 billion, up 102.8% year-on-year; fruits and vegetables reaching $1.16 billion, up 44.6%; machinery, equipment, tools, and spare parts reaching more than $1 billion, up 7%.

The remaining two billion-dollar groups are computers, electronic products, and components, accounting for $3.98 billion, up 23.5%; and phones and components at $3.47 billion, down 14%. The decline in the export value of phones and components is the only one among the five groups to post a decrease compared to the same period last year.

This shift in export rankings highlights the dynamic nature of Vietnam’s export market and the need for continuous adaptation to changing trends and demands in the global economy.