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Vietnam’s ICT Revenue Touches US$110 Billion

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The country’s information and communications technology (ICT) industry’s revenue was estimated at US$109.5 billion over the first nine months of 2022, a year-on-year increase of 13%. A press release by the Ministry of Information and Communications (MoiC) stated that the revenue of the ICT industry in the third quarter of this year saw an increase of US $37 billion compared to the figure recorded in the first half of the year.

From January to September, the revenue of the electronics hardware industry reached US$97 billion, accounting for 90%. During the reviewed period, the nation earned US$90.7 billion from exporting electronics hardware products, up 13% against the same period last year. The export value of computers and spare parts touched US$43.1 billion, up 17.9%. The export of phones and accessories reached US$43.3 billion, up 5.6%.

The revenue of the information technology industry in the first half of this year attained US$72.5 billion, up 17.8%. The proportion of Make in Vietnam products in the ICT industry structure was estimated at 26.72%, worth around US$19.4 billion.

Meanwhile, the number of digital enterprises in Vietnam increased from 45,600 in 2019 to 68,800 by the end of September. The government expects to have 70,000 digital enterprises by the end of this year. MoIC statistics reveal that in 2021, Vietnam had 64,000 digital technology enterprises (a rise of 5,600 units compared to 2020) and introduced several new made-in-Vietnam ICT products. The revenues of the ICT industry last year reached US$136.2 billion, 13.8% of which belonged to Vietnamese companies (US$18.78 billion).

Vietnam’s digital economy is projected to be worth US$43 billion by 2025, as per reports. The government set the goal to increase the GDP share of the digital economy to 20% by 2025, according to Politburo’s resolution on guidelines for participation in the 4th Industrial Revolution. Also, e-commerce value is expected to reach US$39 billion by 2025, ranking second in terms of e-commerce growth in Southeast Asia, as OpenGov Asia reported in September.

The total revenue of the country’s Internet economy is forecast to reach US$57 billion by 2025, second only to Indonesia. Vietnam also has the second highest percentage of consumers shopping online in the region, after Singapore. The country’s business-to-customer (B2C) retail e-commerce revenue this year is estimated at US$16.4 billion. The government estimates that for the first time, the number of online shopping consumers in Vietnam will reach 57 million people this year.

The country was recently ranked 63rd out of 113 global economies in a global ranking of digital environments and support systems for entrepreneurs. The index put Singapore in the first place, followed by the United States and Sweden. In Asia, Indonesia ranked 71st, India ranked 75th, and the Philippines ranked 79th. The index measured the quality of the environment for digital entrepreneurs by looking at the level of digitalisation in eight areas: culture, institutions, market conditions, infrastructure, human capital, knowledge, finance, and networking.

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