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Local tech companies put Vietnam on the global map

Image credit: Ministry of Information and Communications

Vietnam has been witnessing robust digital transformations in areas where local tech companies like Viettel, FPT, and the Be Group, have secured strong footholds in the domestic market, according to a recent press release.

The National Forum on Developing Vietnam’s Technology Companies, which was held in Hanoi last December, spotlighted digital transformation, tech companies, and ‘Make in Vietnam’ technologies. Many Vietnamese tech companies found how to create breakthroughs in the era of the Fourth Industrial Revolution between 2018 and 2020.

Vietnam has more than 58,000 technology businesses, and the target of 100,000 tech firms by 2030 could be achieved as early as 2025.

From a small construction company founded more than 30 years ago, the military-run mobile network operator Viettel has transformed itself into one of Vietnam’s largest telecom groups and established a trusted name not only locally but also overseas.

Viettel’s annual revenue now stands at US$20 billion, with annual profit at more than US$1.74 billion, according to Deputy Director-General, Nguyen Thanh Nam. The company has remained among the world’s top 500 largest brands, it also ranks among the top in Southeast Asia and 28th globally in the field of telecommunications.

With strong telecom networks, Viettel has focused its efforts on developing an ecosystem of various made-in-Vietnam technologies serving multiple areas, ranging from finance and health care to education and smart cities.

Viettel has successfully developed its own core technologies for 5G networks. Last year it became the sixth provider of 5G devices globally. It has now geared up to expand the 5G network for commercial use this year.

Last year, at the outset of the COVID-19 pandemic, the group was one of the first in the country to launch a telehealth service, called Viettel Telehealth, allowing people to access health care services online. During the two months after launch, it was used by more than 1,000 clinics throughout the country and more than 4,000 commune and ward-based medical stations are expected to adopt it in the near future.

Recognising the importance of digital transformation during the pandemic, the Chairman the of telecom group FPT, Truong Gia Binh, called on the business community to keep themselves updated on digital trends.

IT workers in Vietnam are now as capable as those from many developed countries. With such a workforce, Vietnam will be able to satisfy the demand for digital transformation both at home and abroad.

Digital technologies bridge gaps between sectors, countries, and enterprises, and result in the growth of the digital economy with great future potential, the Director-General of the Be Group, Nguyen Hoang Phuong, said. “If local companies do not stand up and dominate core businesses, they will lose in their own backyard. Vietnamese people must create their own technologies and digital ecosystem to become competitive and reach out to the world.”

The Be ride-hailing app holds a market share of some 30% in Vietnam and is locked in competition against international players. The company is eyeing the development of a network of convenient transport, logistics, finance, and tourism services combined into a single app.

The government will continue to complete institutions and laws, carry out appropriate strategies and policies, and improve the business and investment environment to develop the business ecosystem, especially those involved in digital technology.

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