Importance of electronic industries in india

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Importance of electronic industries in india

Electronics Production in Vietnam: Eugenia Latova While many industries of the Vietnamese economy are growing rapidly, perhaps the most exciting is electronics.

In alone, electronics exports nearly doubled, something that took aggregate exports nearly four years to accomplish. Foreign investment in Vietnamese electronics production The vast majority of the electronics industry in Vietnam is dominated by foreign companies, particularly multinational giants.

Importance of electronic industries in india

While these tariff breaks offer a tempting way to lower export costs, it is critical to be aware of the rules of origin in each FTA. Currently, domestic electronic enterprises are not adding much to the supply chain, since most materials are imported. To qualify under the agreement, there must be a sufficient transformation within Vietnamese borders, which must be much more than simple assembling.

These agreements incentivize a higher localization rate—companies must invest more intensely and import more advanced technology. The preferential tax rates are 10 percent for 15 years or 17 percent for 10 years, as opposed to the regular rate of 20 percent.

Investors may also be eligible for additional tax holidays when they first invest: Government reform In order to further encourage growth, the government is easing restrictions on where foreign companies can invest.

Regarding electronics, under the WTO, the only major restriction is on certain electronic games. Nonetheless, the nature of the electronics industry and the constraints of Vietnamese labor and infrastructure pose many other considerations for potential investors.

Electronics in Vietnam are dominated by tech giants and these corporations are in desperate need of suitable local suppliers so, for SMEs, the opportunity seems to be in supplying parts or services for larger companies—helping to add value and move up the supply chain.

Furthermore, the country has a shortage of skilled labor, but with the ASEAN Economic Community, it will become much easier for individuals to travel for work within the region and largely relieve this problem.

Vietnam is also working to improve its infrastructure to the satisfaction of international investors. According to the World Economic Forum Global Competitiveness Report, Vietnam ranks 67th for transport infrastructure and 78th for electricity and telephone infrastructure.

Roads are particularly weak, ranking 93rd, but railroads are somewhat better— coming in 48th. To avoid many of these problems, investors are advised to operate in tech zones, where they are already equipped with the necessary infrastructure and facilities.

As an added bonus, the operation may qualify for CIT breaks, as mentioned above. Spotting Opportunities for FDI Planning effective market entry Given the rapid growth of electronics production, trade, and investment seen in recent years, the time has never been better to make use of Vietnam as a cost center for larger Asian operations or as a full-fledged production hub.

An Introduction to Doing Business in Vietnam An Introduction to Doing Business in Vietnam will provide readers with an overview of the fundamentals of investing and conducting business in Vietnam.

Managing Contracts and Severance in Vietnam In this issue of Vietnam Briefing, we discuss the prevailing state of labor pools in Vietnam and outline key considerations for those seeking to staff and retain workers in the country. We highlight the increasing demand for skilled labor, provide in depth coverage of existing contract options, and showcase severance liabilities that may arise if workers or employers choose to terminate their contracts.By: Eugenia Latova.

While many industries of the Vietnamese economy are growing rapidly, perhaps the most exciting is electronics. Imports have nearly tripled from to , while exports have increased by nearly 5 times — rising from US$ billion to US$ billion in Networks are fastest-growing components in most industries.

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