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Digital Technology Firms on the Rise in Vietnam

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The Minister of Information and Communications (MIC), Nguyen Manh Hung, has reported that the number of digital technology firms has witnessed a 30% growth and there has been a 32% increase in industry revenue since 2019.

Image credits: VNA

He was speaking at the fifth national forum on the development of digital technology businesses in northern Quang Ninh province. It was an opportunity to assess industry development and recognise exceptional firms with the Make-in-Vietnam digital product awards. Speakers shared success stories about digital products that have played a transformative role in both the country and globally.

Hung highlighted the progress of the country’s digital technology industry over the past five years. He pointed out that the rate of Make-in-Vietnam products within the industry has increased from 21% to 29%. Specifically, there has been a notable 43% growth in software production for foreign partners, involving 1,400 companies and generating revenue close to US$ 10 billion.

Digital technology businesses in Vietnam have assumed a new mission: actively contributing to the nation’s industrialisation and modernisation. This means the creation of digital applications and driving digital transformation across various sectors and fields, he explained.

During his speech, Deputy Prime Minister Tran Hong Ha expressed optimism, hoping that the rapid progress of entrepreneurs and businesses in the industry, leveraging digital solutions, technologies, and applications, will continuously drive reforms and breakthroughs across all socio-economic aspects. This, in turn, will reaffirm Vietnam’s position on the global stage.

During panel sessions, participants delved into the evolution of new technology-based products such as the Internet of Things, artificial intelligence, and semiconductors. The discussions extended to the commercialisation of these products within both domestic and international markets. Additionally, the participants addressed barriers, challenges, and innovative solutions to enhance the provision of products and services on emerging digital platforms for various markets.

MIC declared and awarded the Make-in-Vietnam accolades, recognising outstanding digital technology products, solutions, and services developed by Vietnamese businesses and organisations. Additionally, exhibitions provided attendees with the opportunity to gain insights and firsthand experiences with Make-in-Vietnam digital products.

2023 marks the first year that the awards recognised products that have successfully penetrated the global market, playing a role in advancing humanity’s development and fostering prosperity for Vietnam. 43 products in total were recognised for digital governance, digital economy, and digital society, among other categories.

To promote a wide range of Make-in-Vietnam products and boost international trade efforts, the Ministry of Industry and Trade launched a plan last month, which will propel Vietnamese businesses onto the global stage. A hundred outstanding enterprises will be selected to join the “Vietnam Pavilion” on a prominent B2B e-commerce platform, potentially transforming the dynamics of international trade.

As OpenGov Asia reported, using this extensive network, the initiative seeks to showcase Vietnam’s products and the capabilities of small- and medium-sized enterprises (SMEs) to a global audience. According to Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, the collaboration could provide SMEs with a gateway to the global market. It highlights a strategic shift toward digital trade, fortifying resilience amid the unpredictable undulations of the global market. The programme will offer the selected participants invaluable insights from seasoned exporters. The deadline for firms to register is 15 January 2024.


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