Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Vietnamese Tech Enterprises Urged to Expand Globally

Getting your Trinity Audio player ready...

Vietnamese digital technology businesses are being urged to expand their reach into foreign markets, aiming to capitalise on global opportunities and bolster the country’s digital economy. This call to action was emphasised during a regular press conference hosted by the Ministry of Information and Communications (MIC), where officials highlighted the growing presence of Vietnamese tech enterprises on the international stage.

Image credits: Vietnam Ministry of Information and Communications

Currently, there are more than 1,500 Vietnamese digital technology firms operating in foreign markets, collectively generating an impressive revenue of US$7.5 billion. This significant contribution underscores the potential for Vietnamese businesses to thrive in the global digital landscape.

Lê Nam Trung, Deputy Director of the MIC’s Authority of ICT Industry and Communications, emphasised the importance of Vietnamese tech companies venturing abroad amidst challenges in the local IT market. Operating internationally not only boosts revenues but also enhances the reputation of Vietnamese digital products, reaffirming the country’s position as a hub for innovation and technology.

Trung highlighted that approximately 80% of the total revenue of Vietnamese digital technology enterprises is derived from foreign markets, underscoring the vital role of international expansion in sustaining growth. To facilitate this trend, the MIC is actively drafting the Law on Digital Technology Industry and implementing policies to support domestic tech firms in their overseas endeavours.

To further assist digital technology businesses in penetrating foreign markets, the MIC has initiated various measures, including establishing consulting groups and organising delegations to promote Vietnamese digital products abroad. Last year alone, the ministry facilitated connections between fifty Vietnamese businesses and over 3,000 international counterparts through overseas engagements and business-to-business meetings.

Despite global uncertainties, the Vietnamese software and information technology services export market demonstrated resilience, growing by 4-8% in 2023. With software production revenues expected to reach approximately US$4.3 billion, and export revenues forecasted to hit $4 billion, the sector is poised for continued expansion and success in international markets.

Recognising the pivotal role of artificial intelligence (AI) and semiconductors in driving the Fourth Industrial Revolution, the MIC is intensifying efforts to develop these critical sectors. Collaborative initiatives with leading organisations such as Nvidia Corporation aim to establish AI centres of excellence and bolster human resource development in semiconductor technology.

Looking ahead, Vietnam is formulating a comprehensive strategy to develop the semiconductor industry until 2030, with a vision for 2045. This strategy aims to position Vietnam as a global hub for semiconductor chip production, contributing to the country’s digital transformation and the establishment of a robust digital economy and government.

OpenGov Asia reported that Vietnam’s strategic focus on science, technology, and innovation as drivers of economic growth and societal advancement is evident through its multifaceted approach, encompassing policy formulation, infrastructure development, and collaborative initiatives. This dedication has propelled Vietnam’s rise in the Global Innovation Index (GII) rankings, climbing from 59th place in 2016 to 46th place in 2023.

Central to Vietnam’s innovation agenda is the recognition of science, technology, and innovation as crucial factors for productivity gains, quality enhancements, and economic competitiveness. The government consistently emphasizes leveraging these elements as strategic breakthroughs for sustainable development and prosperity.

The recent introduction of the Provincial Innovation Index (PII) further illustrates Vietnam’s commitment to grassroots innovation, empowering provincial authorities with actionable data to address regional challenges effectively and foster socioeconomic development.

By fostering innovation, promoting international cooperation, and investing in human capital, Vietnam is poised to emerge as a key player in the global digital arena, driving sustainable economic growth and technological advancement. Through strategic initiatives and proactive policies, the country aims to leverage its strengths in digital technology to seize opportunities in foreign markets and solidify its position as a leading digital economy in the region.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.