Photo: vietnamnet

The electronic sector’s exports jumped from US$1.4 billion in 2005 to US$2.1 billion in 2007, making it the country’s sixth-highest currency earner, according to the Ministry of Industry and Trade (MoIT).

During an electronic-telecom workshop held in Hanoi on December 25, participants highlighted the encouraging progress the sector has made over the last two years since Vietnam joined the World Trade Organisation (WTO), despite difficulties and challenges.

In recent years, the electronic sector has posted an average annual growth rate of 20-30 percent. In the first 11 months of 2008, the sector’s exports surpassed US$2.5 billion, a year-on-year increase of 29.5 percent. The figure for the whole year is expected to be US$2.75 billion, or a rise of 28 percent over 2007.

Vietnamese-made electronic equipment and components are exported to more than 50 countries and territories throughout the world.
The participation of foreign investors in electronic component and equipment production through large scale projects, together with domestic businesses’ efforts, have had a positive impact on the sector’s business performance.

However, a representative of the ministry raised concern over fierce competition facing the electronic sector, especially when Vietnam officially opens its retail market on January 1, 2009.
Additionally, the negative impact of the world financial crisis is also expected to make the sector’s operation more difficult next year.

Deputy Head of the Import-Export Department Ho Quang Trung said that all enterprises in this sector need a suitable strategy for production and business development in the new situation.

Economic expert Le Dang Doanh suggested the industry focus on the private sector, especially promoting associations to develop its all-round strength.

Source: VOVNews/VNA