Vietnam cell phone exports likely to top $20 bln

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The Ministry of Trade and Industry estimates exports of cell phones and components to exceed US$20 billion this year, the highest ever.

Ministry statistics show that in the first five months cell phones and components topped exports, surpassing textile and garments, with a turnover of $8.11 billion, a 113.64 percent rise year-on-year and accounting for 16 of the country's exports.

In 2012 they surpassed crude oil to become the second leading export item at $12.7 billion, two times the previous year's figure.

Around 98.2 percent of the exports are, however, produced by foreign firms. Major markets include the UAE, Germany, Austria, and India.

According to the Ministry of Trade and Industry, most of the growth in exports of cell phones and components came from Samsung's plant in the northern province of Bac Ninh, which recently received approval to hike its investment to $2.5 billion.

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