Vietnamese firms on better footing in cyber security market
The Vietnamese cyber security market, which was previously flooded with solutions developed by foreign businesses, have become more balanced, and domestic firms are tend to be on a better footing.
According to the Authority of Information Security under the Ministry of Information and Communications, the ratio of Vietnamese-developed information security and cyber security products’ types in the domestic market rose to 91 percent in 2020 from only 5 percent in 2015. The figure is estimated at 100 percent in 2021.
Meanwhile, the ratio of revenue from the products of Vietnamese firms compared to that of their foreign peers also increased from 18 percent in 2015 to 45 percent in 2020 and is expected to hit more than 50 percent in 2021 and over 70 percent in 2025.
Particularly, Vietnam is among few countries that have developed an ecosystem of domestic cyber security and safety products to become self-reliant in cyber security and safety technologies and solutions.
Minister of Information and Communications Nguyen Manh Hung underlined that the mission of Vietnam's cyber security and safety is to protect the country’s prosperity on the cyber space. The target is making Vietnam a strong country in cyber security and safety that can export cyber security products and services to other countries in the region and the world, he said.
In 2025, the ratio of home-grown cyber security solutions and product types is expected to reach 100 percent, while the revenue growth rate of Vietnamese businesses is expected to reach 35-45 percent per year.
Alongside, the Vietnamese cyber security market size is projected to hit over 500 million USD, with local firms holding more than 50 percent of the market share. In the year, Vietnam is hoped to enter the top 30 countries in the world in Global Cybersecurity Index (GCI) and top three in ASEAN.
Statistics from the Ministry of Information and Communications showed that currently, the ratio of investment in cyber security in Vietnam remains low at about 5 percent of the total investment in information technology, far behind the average ratio of other countries at 15-20 percent. The ministry is striving to raise the figure to about 20 percent.
Cyber security is now a concern for everyone, said Deputy Minister of Information and Communications Nguyen Huy Dung at the Vietnam Security Summit 2021.