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Vietnam’s ICT industry grows 26% annually in 2015-2019

Vietnam aims to have around 50,000 IT and electronic and telecommunications companies, of which 10 large companies will have revenues of at least US$1 billion each.

Vietnam’s information and communication technology (ICT) industry posted average annual growth of 26.1% in the 2015-2019 period, according to the latest report from the Ministry of Information and Communications (MIC).

 Deputy Minister of Information and Communications Phan Tam addresses the conference on June 2 in Tien Giang province. Photo: MIC


In the past five years, the ICT industry has continued to be the major economic sector of the country, with estimated revenue of US$110 billion in 2019, a year-on-year increase of 9.8%, Deputy Minister of Information and Communications Phan Tam told the conference to review ICT development program in 2015-2020 held in Tien Giang province on June 2.

The ICT industry also contributed VND53 trillion (US$2.1 billion) to the state budget and over 14% of total GDP, creating over one million jobs, Tam added. 

Especially, mobile phones and computers ranked No.1 and No. 3 among Vietnam's top 10 export staples in 2019 with a combined value of US$28 billion, thus making Vietnam the world’s second largest manufacturer of phones and components, and the 10th producer of electronic appliances and components.

Nguyen Thanh Tuyen, deputy director of the Department of Information Technology under the MIC, said there are four concentrated ICT zones nationwide, of which three are operational namely Quang Trung Software Park in Ho Chi Minh City, Danang Software Park in Danang, and Cau Giay IT Park in Hanoi with occupancy rate of 95%. 

Major cities such as Hanoi, Ho Chi Minh City and Danang have planned and implemented IT, electronics and telecommunications development activities systematically, according to experts at the conference.

However, the sector still needs to address certain shortcomings such as the heavy reliance on foreign-invested enterprises, Tuyen added. The foreign enterprises in the ICT sector made up to 98% of its total export revenue. 

Despite the large number of domestic enterprises in the sector, 99% are small and micro ones. The domestic enterprises have participated in the global value chain but the scale remains limited. They mainly execute services and assembly outsourcing contracts. 

The MIC has been rushing to submit a draft decision this month to Prime Minister Nguyen Xuan Phuc for approve of the IT development program by 2025 with a vision to 2030.

Under the program, Vietnam will have around 50,000 IT and electronic and telecommunications companies, of which 10 large companies will play a leading role and be internationally competitive with revenues of at least US$1 billion each. 

The program also aims to have 10 provinces/cities generating an average IT and electronic and telecommunications turnover of more than US$1 billion each. Hanoitimes

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