Moving beyond assembly and outsourcing, Vietnam’s ICT (Information and Communications Technology) industry has made significant strides in recent years. Companies are now creating high-value, Vietnam-branded products that leave a lasting mark on the global technology landscape.

A billion-dollar industry thriving with potential

According to the Ministry of Information and Communications (MIC), Vietnam’s digital technology industry is projected to generate $155 billion in revenue by the end of 2024, contributing over 54 trillion VND ($2.16 billion) to the national budget.

Of this, Vietnamese enterprises account for approximately $26.4 billion in revenue.

The country currently has over 27,600 ICT companies employing around 1.26 million people. These include:

4,500 hardware companies, producing electronics, telecommunications devices, and smart equipment.
12,500 software firms.
750 digital content producers.
9,700 IT service providers.

The hardware sector employs the largest workforce, with over 900,000 employees, followed by software companies (224,000 employees) and IT service providers (84,000 employees).

The "Make in Vietnam" strategy: Five years of transformation

Launched in 2019, the "Make in Vietnam" initiative has become a rallying call for Vietnamese enterprises to focus on research, innovation, and local production. This strategic shift has yielded impressive results, elevating Vietnam’s status on the global tech map.

In 2024, the value created in Vietnam accounted for over $45.5 billion of the ICT sector’s revenue, a significant increase from 21.35% in 2019 to 31.8%.

The strategy has encouraged companies to innovate and tackle national challenges while pursuing global markets. This approach not only generates higher value-added products but also strengthens Vietnam’s competitive edge internationally.

As a result, around 1,500 Vietnamese ICT firms now generate revenue from overseas markets.

Global success stories

Vietnamese tech giants like FPT, Viettel, and Sconnect exemplify the success of the "Make in Vietnam" strategy:

FPT: FPT’s journey from modest beginnings in 1999 to becoming one of the leading global IT service providers is remarkable. After surpassing $1 billion in software export revenue, FPT is now targeting $5 billion by 2030.

Viettel: From a military production unit, Viettel has evolved into a global technology corporation. With operations in 10 countries, it is the market leader in 7 of them. Viettel’s overseas investment revenue exceeded $3 billion in 2023, transferring $500 million annually in foreign currency earnings back to Vietnam.

Viettel’s breakthroughs include producing 5G chipsets and telecommunications equipment, making Vietnam one of only six countries worldwide to master 5G technology.

Sconnect: Sconnect has made a name for itself in digital content production, particularly animated content for children on YouTube. Starting with the character Wolfoo, the company has expanded into game development, mobile apps, licensing, and intellectual property distribution.

A pathway to global recognition

The "Make in Vietnam" strategy is not just a growth driver for the domestic tech sector but a foundation for Vietnam’s international stature. Success stories from Vietnamese enterprises underscore the country’s potential to be a modern industrial powerhouse.

As Vietnam continues to innovate and expand its global footprint, it is poised to solidify its position as a major player in the global technology landscape, contributing not only economic value but also a reputation as a leader in technological innovation.

PV