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Domestic Firms Occupy More Space in Vietnam’s Cybersecurity Market

The Vietnamese cybersecurity market, which was previously flooded with solutions developed by foreign businesses, has become more “balanced”, according to a recent news report, as domestic firms are performing well. As per data from the Authority of Information Security, under the Ministry of Information and Communications (MIC), the ratio of Vietnamese-developed information security and cybersecurity products in the domestic market rose to 91% in 2020 from only 5% in 2015. The figure is estimated to reach 100% by the end of this year.

Meanwhile, the ratio of revenue from the products of Vietnamese firms compared to that of their foreign peers also increased from 18% in 2015 to 45% in 2020. It is expected to hit more than 50% this year and over 70% in 2025. Vietnam is among the few countries that have developed an ecosystem of domestic cybersecurity and safety products to become self-reliant in the field. The Vietnamese cybersecurity market size is projected to hit over US$500 million, with local firms holding more than 50% of the market share.

The MIC Minister, Nguyen Manh Hung, underlined that the mission of Vietnam’s cybersecurity and safety is to protect the country’s prosperity in cyberspace. The target is to make the country a strong cybersecurity nation that can export cybersecurity products and services to other countries in the region and the world. By 2025, the ratio of home-grown cyber security solutions and product types is expected to reach 100%, while the revenue growth rate of Vietnamese businesses is expected to reach 35-45% per year.

Vietnam could also enter the top 30 countries in the world in Global Cybersecurity Index (GCI) and the top three in ASEAN. Statistics from MIC showed that currently, the ratio of investment in cyber security in Vietnam remains low at about 5% of the total investment in information technology, far behind the average ratio of other countries at 15-20%. The Ministry is working to raise the figure to about 20%.

Vietnam’s e-security index has improved by 54% since last year, according to the 2021 Digital Quality of Life Index (DQL) conducted by a cybersecurity company. The report placed Vietnam 73rd among 110 countries. Covering 90% of the global population, the study evaluates countries based on five fundamental digital wellbeing pillars. Six out of the ten countries with the highest scores are located in Europe, with Denmark topping the list for the second year in a row and is closely followed by the Republic of Korea.

Vietnam ranked 51st for Internet affordability. It placed 86th for Internet quality, 75th for e-government, 71st for e-security, and 67th for e-infrastructure. The country has one of the fastest-growing digital economies in Southeast Asia. By 2025, the Vietnam digital economy’s compound annual growth rate is forecast to reach 29%, followed by Thailand at 25%, and Malaysia and Singapore at 21%. Experts believe that laptops and tablets manufacturing in Vietnam hold the potential for strong growth thanks to the work-from-home trend and online schooling till the end of the first academic year.

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