It is essential to develop a robust ecosystem to support the adoption of advanced technologies, promote sustainable practices, and uphold the highest standards in production and manufacturing, said Ms. Do Thi Thuy Huong, Vice President of the Vietnam Supporting Industry Association and Executive Board Member of the Vietnam Electronic Industries Association (VEIA).
Speaking at the ongoing 2024 Global Electronics Intelligent Manufacturing Show (GEIMS Vietnam 2024), she noted that Vietnamese electronics businesses are facing intense competition in the domestic market.
The industry has made remarkable strides forward, becoming a cornerstone of the national economy and an attractive hub for innovation and investment.
Vietnam’s electronics exports reached $105 billion in the first ten months of this year, nearly matching the total export value for all of 2023, of $109 billion. The surge underscores the industry’s tremendous growth potential and the evolution of Vietnam’s smart electronics supply chain.
The shift of supply chains to Vietnam has gained momentum over the past two years, especially in 2024, marked by a significant influx of FDI in manufacturing, assembly, and component supply. Major corporations like Samsung, LG, and Intel Vietnam are planning further expansions to their existing investments.
“This presents an unprecedented opportunity for Vietnam’s electronics industry to break through and accelerate,” Ms. Huong believes.
Nevertheless, this opportunity brings significant challenges, compelling domestic electronics businesses to transform and keep pace with technological trends. Adopting smart, globally-oriented production scales will be essential for their survival and success.