(VOVWORLD) - Vietnam’s electronics industry is still growing despite the impact of the COVID-19 panedmic, said an article published on newswire entrepreneur.com on August 19.
 (Illustrative photo: VNA) |
The article estimated Vietnam is one of the key electronics exporters ranking 12th place in the world. It said there has been a steady increase in Vietnam’s exports with an average of 12 billion USD annually.
The import of electronic products has increased from 47 billion USD in 2015 to 97 billion in 2019. Vietnam’s electronics industry is diverse, covering mobile phones, TVs, cameras, and electronic devices.
The article also mentioned advantages the market offers investors, including low tariffs under the Regional Comprehensive Economic Partnership. Vietnam has signed a free trade agreement with the EU, which will gradually reduce most tariffs, regulatory barriers, and red tape which should create opportunities for both sides to do business.
The article said a new wave of the COVID-19 pandemic pandemic has restricted and disrupted the supply chains and forced businesses to shutdown. Despite such negative impact, a number of foreign investors have chosen Vietnam as a top destination to set up their electronics production bases.