Vietnamese tech firms are expected to grow rapidly in both the mid-and long-term thanks to rising IT demand around the world and rapid digital transformation at home.
Vietnam targets100,000 digital firms in Vietnam by 2025, a rise of 56.25% from 2021. (Photo: VNA)
Hanoi (VNA) – Vietnamese tech firms are expected to grow rapidly in both the mid-and long-term thanks to rising IT demand around the world and rapid digital transformation at home.
Statista, a German company specialising in market and consumer data, said IT services spending is expected to amount to 1.28 trillion USD and 1.39 trillion VND in 2022 and 2023, up 7.9% and 8.8%, respectively.
The Vietnamese Ministry of Information and Communications targeted 100,000 digital firms in Vietnam by 2025, a rise of 56.25% from 2021.
Software exports by domestic enterprises has increased with new contracts. Tech conglomerate FPT, for example, earned 11.73 trillion VND (478.83 million USD) from exports as of August, up 28.7% year-on-year.
Meanwhile, digital transformation has been accelerated by both businesses and the public sector.
The Bank for Investment and Development of Vietnam (BIDV) and Vietnam Public Joint Stock Commercial Bank (PVcomBank) have rolled out projects on digital transformation with services offered by tech group CMC.
Provinces including Nam Dinh, Thua Thien-Hue, Dak Nong and Hau Giang have also engaged in strategic cooperation in digital transformation with FPT and CMC.
The telecom segment is expected to grow stably thanks to a rise in the number of broadband subscribers (8-10%), and a boom of 4G and 5G services.
Stock c💮ompanies said that IT firms will continue double-digit growth, and major groups like the military-run Industry and Telecommunication Group (Viettel), the Vietnam Posts and Tele༺communications Group (VNPT), FPT and CMC still have ample room to grow.
Illustrative image (Source: VNA)
Notably, Vietnam has advantages in its IT workforce market.
According to HSBC, 51 percent of programmers in Vietnam are 29-30 years old. The hourly wage for IT outsourcing software development in Vietnam is about 18 USD, equivalent to 64% in other Asian nations and 10% in the US.
Therefore, customers from big markets like the US, Japan, the EU and Asia-Pacific have selected Vietnam as an ideal destination for cooperation in IT development.
ForeScout Technologies of the US, which delivers automated cybersecurity across the digital terrain, has recognised CMC Saigon Technology & Solution (CMC TSSG) as its Gold Partner and the only Service Delivery Partner in Vietnam.
Meanwhile, FPT and CMC also offer services in Japan, the US, the EU and Asia-Pacific.
Fitch Solutions forecast that Vietnℱam’s IT market will reach 208 trillion VND this year, and 370 trillion VND by 2026./.
The Ministry of Public Security (MPS) is accelerating the granting of electronic identification accounts and the provision of online conveniences, part of common efforts to promote national digital transformation.
Cooperation in science-technology has become an increasingly important pillar in the comprehensive strategic partnership between Vietnam and India, especially during post-pandemic recovery, according to Indian analysts.
VietNEST (Vietnamese Nurturing Education for Science & Traditions) is a mobile app and digital platform for Vietnamese language learning among overseas children.
The networks bring together universities, research institutes and domestic and foreign businesses. Members will work closely in training, research, and technology transfer by sharing curricula, improving faculty capacity, providing access to laboratories and research facilities, and jointly implementing science and technology projects.
The Better Choice Awards (BCA) 2025 is a key highlight in the lead-up to Vietnam Innovation Day that falls on October 1, an annual event expected to attract hundreds of innovative enterprises, research institutions, investment funds, and startups from both Vietnam and abroad.
The new line serves as a critical backup route, strategically complementing existing submarine cables and enhancing the resilience, proactivity, and security of Vietnam’s telecommunications infrastructure.
Vietnam is actively yet cautiously preparing for the construction of its first nuclear power plant in Ninh Thuan (now the south-central coastal province of Khanh Hoa). The resumption of the programme after years of suspension carries considerable significance for the nation’s development in a new era as it strives to gradually reduce and ultimately phase out coal-fired power to realise the Government’s commitment to Net Zero by 2050.
The government leader reaffirmed Vietnam’s goal of achieving self-reliance in the design, manufacturing, and test of necessary semiconductor chips by no later than 2027.
With the launching of its two-tier local administration model, the city is incorporating technologies such as artificial intelligence (AI) and blockchain to enhance service delivery for citizens and businesses, aligning with the Politburo’s Resolution 57-NQ/TW on breakthroughs in science, technology, innovation, and national digital transformation.
Vietnam has issued many key policies to support semiconductor development, notably the Politburo’s Resolution 57 on science, technology, innovation, and digital transformation. Other initiatives include the Semiconductor Industry Development Strategy to 2030, with a vision to 2050, and the Human Resources Development Programme for the Semiconductor Industry.
Vietnam is no longer just an emerging blockchain market, it is stepping into a leadership role, with global investors, developers, and experts recognising its growing potential to become a leading hub for digital assets in the region.
Taking place on August 1–2, the event features more than 20,000 attendees and over 200 speakers from Vietnam, the h Korea, Singapore, the UAE, Hong Kong (China) and the US.
Dung directed the Ministry of Science and Technology to revise the national startup scheme, ensuring it clearly defines the scope and content, grounded on strong political and legal foundations, international best practices, and well-reasoned arguments for submission to the Government.
The two-day academic forum, themed “Resilience, Sustainability & Digital Transformation in a Changing World: Perspectives from Southeast Asia”, aims to share interdisciplinary research insights, focusing on adaptive capacity, sustainable development, and digital transformation amid evolving global and regional landscapes.
With such a rapid economic growth, Vietnam must diversify energy sources and nuclear power is a rational choice to ensure the national energy security, said Associate Professor Kei Koga from the Nanyang Technological University (Singapore).
Deputy Prime Minister Nguyen Chi Dung emphasised that Vietnam has a clear strategy and ambition in this field, and is rapidly emerging as a central hub and key link in the regional and global semiconductor value chains.
According to Cushman & Wakefield’s latest Asia-Pacific Data Centre Investment Landscape report, Vietnam now ranks second in the region for data centre investment returns, with a yield on cost (YoC) of 17.5–18.8%, just behind Singapore’s 21–23%.
Vietnam is taking drastic yet cautious steps in building a culture of nuclear safety and security, with the aim of having its first nuclear power plant operational by the end of 2030 and using this specific energy source effectively and sustainably.
Vietnam’s 5G strategy has been clearly outlined in national digital technology and infrastructure policies. A wide range of solutions is being vigorously implemented to achieve the target of an average internet speed of 100 Mbps by 2025 and full nationwide 5G coverage by 2030.
The visit aimed to assess the new two-tier local government model, preparations for upcoming Party congresses at levels, and implementation of the Politburo’s Conclusion on school construction in border areas.
Under the theme “Breakthrough Era with the Development of Industrial Internet”, the event gathered over 400 delegates, including senior officials, leading Internet experts, and technology engineers from Vietnam and abroad.
Vietnam targets100,000 digital firms in Vietnam by 2025, a rise of 56.25% from 2021. (Photo: VNA)
Illustrative image (Source: VNA)
