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Electronic sector grows since joining WTO playground
The electronic sector’s exports jumped from 1.4 billion USD in 2005 to 2.1 billion USD in 2007, making it the country’s sixth-highest currency earner, according to the Ministry of Industry and Trade.
Most of participants at an electronic-telecom workshop held in Hanoi on Dec. 25 recognized 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 2.5 billion USD, a year-on-year increase of 29.5 percent. The figure for the whole year is expected to be 2.75 billion USD, 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 made positive impact on the sector’s business performance.
However, a representative of the ministry raised concern over severe competition with electronic products, especially when Vietnam officially opens its retail market on January 1, 2009.
Additionally, the negative impact of the world’s financial crisis is also expected to make the sector’s operation more difficult next year.
According to Deputy Head of the Import-Export Department Ho Quang Trung, a production and business development strategy suitable for the new situation is required for all enterprises in this sector.
Economic expert Le Dang Doanh suggested the industry focus on the private sector, especially promoting associations to develop its all-round strength.
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