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Embracing Opportunities in Vietnam’s ICT Sector

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Despite ongoing difficulties, new development opportunities are presenting themselves within Vietnam’s information and communication technology sector, propelled by the advancement of 4G and 5G networks.

According to a press release, the sector recorded a total revenue of approximately US$ 11.8 billion in July. This marked an 8% decline in comparison to June yet represented a 2% increase year-on-year. These figures were announced during the Ministry of Information and Communications (MIC) press briefing this month. The purpose of the briefing was to evaluate the sector’s performance during the initial seven months of 2023 and establish goals for the coming months.

Its state budget contribution was estimated at US$ 362.2 million, falling by 3% from the previous month and 16% over the same period last year. The accumulated state investment for the first seven months stood at US$ 2.4 billion.

The revenue generated by the postal service reached around US $213 million, marking a 2% increase when compared to June 2023 and exceeding the figures of July 2022 by over 10%. In terms of the digital economy, its ratio to GDP in the second quarter of 2023 was estimated at 15.26%. Notably, Vietnam climbed to the eighth position in the global rankings for countries with the highest number of mobile app downloads.

The total revenue of the IT industry during the first seven months was estimated at US$ 72.9 billion, reflecting a 7.1% decrease compared to the same period last year. This decline was attributed to a significant reduction in revenue from the export of hardware and electronics, which typically accounts for a substantial portion of the industry’s revenue structure. The sharpest declines were reported in March, April, and May, with figures of 22.8%, 22.4%, and 16.3% respectively.

Speaking at the press conference, Nguyen Phong Nha, Deputy General Director of the Authority of Telecommunications under MIC, acknowledged that revenue generated from traditional services provided by mobile network operators has experienced a decline. However, he emphasised that there are emerging catalysts fueling the expansion of the industry.

“We now have high-speed 4G networks, which create opportunities for businesses and mobile network operators to develop new services. There is also a more favourable legal framework, and in the future, 5G will offer huge potential,” he said.

MIC has presented a decree to the government regarding national databases. It encompasses their construction, update, maintenance, and utilisation. This is detailed in Report No.50/TTr-BTTTT dated 31 July. Additionally, MIC submitted a decree that provides guidance on certain regulations within the Law on Radio Frequencies and amendments to several of its articles.

During the preliminary meeting of the National Committee on Digital Transformation held in July, MIC, the standing body of the committee, announced the results of an evaluation concerning the progress of digital transformation across various levels, including ministerial, provincial, and national, throughout 2022.

Compared to 2021, the growth of the national digital transformation index did slow down, but the component indices of digital government, digital economy, and digital society still maintained a high growth rate of 45-55%.

According to MIC, several pivotal tasks are being initiated in August. Among these tasks, the ministry intends to propose a law amending and supplementing the Law on the Press. It will also complete a dossier on a proposal to develop a Law on the Digital Technology Industry to submit to the government for consideration and approval.

Furthermore, it plans to complete plans and draft amendments to Decree No.130/2018/ND-CP, detailing the implementation of the Law on Electronic Transactions, particularly in regard to digital signatures and associated authentication services.

It will also finalise the digital investigation support platform, launch activities to review and identify fraudulent acts in cyberspace and organise the first National Forum for Digital Economy and Digital Society Development.

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