The Industrial Production Index (IPI) for consumer electronics products declined by 10.83 percent in November compared to October, reflecting a notable drop in monthly output, according to Vietnam’s General Statistics Office. This monthly decline signals potential challenges in short-term demand or production.
Year-on-year, the sector decreased by 8.77 percent in November 2024 compared to the same period in 2023. However, over the first 11 months of 2024, cumulative growth reached 8.01 percent, showcasing strong performance earlier in the year.
The recent decline could be attributed to market saturation, changing consumer preferences, or increasing competition from other production hubs. Despite this, Vietnam remains a significant player in the global consumer electronics market, supported by robust exports of smartphones, televisions, and other devices.
Consumer electronics continue to play a vital role in Vietnam’s economy, contributing to industrial growth and export revenues. Renewed focus on innovation and diversification will help sustain the sector’s long-term competitiveness.
See also: Electronics Manufacturing in Vietnam