Import turnover from phones and components in 2023 as of December 15 had fallen 58.8 per cent to nearly $8.4 billion, according to the General Department of Vietnam Customs.

This brought Vietnam’s total import revenue to $312.35 billion, down 9.8 per cent year-on-year.

Imports of computers, electronic products, and components posted the highest revenue, accounting for 26.39 per cent of the country’s total.

South Korea led in import sources, with $25.94 billion in 2023 as of November, up 21 per cent year-on-year. Imports of computers, electronics, and components from the country accounted for 32 per cent of the total.

Analysts said lower domestic consumption resulted in a decline in phone and component imports.