Vietnam imports over $3B worth of mobile phones, components in Q1

The country imported more than 3.07 billion worth of mobile phones and components in the period, a 22.4% increase compared to last year. Top suppliers included mainland China, South Korea and Hong Kong.

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

Other large suppliers included India, the U.K., Taiwan, the U.S. and Japan.

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

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% 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% from 2023 to 2027.

In the domestic market, according to market research firm Statista, the Vietnam market was projected to reach $4 billion this year with a compound annual growth rate of 1.45% from 2024 to 2028.

In 2024, smartphone sales in the country have been forecast to reach 21.4 million units.