HANOI: Customs data shows China became the second largest importer of phones and phone parts from Vietnam last year, just behind the European Union with US$11.96 billion, a year-on-year increase of 6.4% Exports of the products to South Korea also rose by a staggering 45.4% year-on-year to US$3.97 billion and shipments to the United Arab Emirates edged up a slight 1.6% to US$3.89 billion. The report indicates Vietnam spent US$8.75 billion importing phones and phone parts from China and US$6.18 billion from South Korea last year, up 42.4% and 72.6% from a year earlier. Therefore, for these products alone, Vietnam ran respective trade deficits of around US$600 million and US$2.21 billion with China and South Korea. Notably, according to the report, China has accounted for around half of phone and phone part exports to Vietnam in recent years. Apart from hi-end gadgets of tech giants like Samsung, Apple and HTC, industry watchers said Chinese brands such as Oppo, Huawei, Xiaomi and Vivo have dominated the mid-end and feature-phone market segments. Although some major Korean phone producers like Samsung and LG have set up shop in Vietnam, many parts suppliers of these tech firms have yet to come to the country. Therefore, analysts forecast Vietnam will have to continue importing phone parts from the Northeast Asian nation this year.
Large-cap firms report at least VNĐ3 trillion in 2019 pre-tax profit
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