February 25, 2024

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Navigating Vietnam’s Digital Technology Sector

The digital technology sector in Vietnam is experiencing a significant surge, marked by a remarkable 30% increase in the number of digital technology businesses and a substantial 32% growth in industry revenue, according to data from the Ministry of Information and Communications. Notably, the ‘Make in Vietnam’ proportion of digital industrial products has risen from 21% to 29%, underscoring the sector’s contribution to the country’s technological landscape.

The remarkable growth in software production for foreign countries, soaring by 43%, showcases Vietnam’s prowess in catering to global technology demands. With over 1,400 digital technology businesses generating a total revenue of nearly 10 billion USD, the sector has emerged as a crucial player in the nation’s economic development.

Despite these achievements, the digital technology industry faces challenges that demand attention. One major hurdle is the low added value of digital technology products and services, coupled with a limited capacity for innovation and research and development of new technologies.

Businesses in this domain also need to focus more on enhancing the quality and brand of their offerings, fostering technology orientation, and establishing robust technology ecosystems. Additionally, a shortage of quality data resources and effective platforms for data sharing and exploitation further impedes the industry’s progress.

A significant portion of digital technology businesses in Vietnam is comprised of small and medium enterprises, struggling with financial limitations that hinder investments in new products, technology platforms, and digital solutions. The reliance on foreign investment places domestic businesses at a disadvantage, potentially impacting the sustainable development of Vietnam’s technology industry.

A key concern is the heavy reliance on foreign markets, especially in the production of hardware, software, and digital content primarily for export. The industry faces stiff competition with foreign enterprises, necessitating strategic initiatives to bolster domestic capabilities and reduce dependency.

Recognising the pivotal role of the digital technology sector, the Party and State have issued guidelines and policies to enhance the industry’s development. Resolution No. 23-NQ/TW outlines the national industrial development policy until 2030, with a vision to 2045.

Emphasis is placed on developing the information technology and electronics industry, with a focus on smart manufacturing and green industry. By 2030, Vietnam aims to prioritise industries such as information technology, telecommunications, and electronics to meet the requirements of Industry 4.0.

Moving forward, specific policies and regulations are essential for building, operating, and maintaining a database on the quality of ‘Make in Vietnam’ digital technology products and services. Preferential policies, including corporate income tax incentives, import tax relief, and loan incentives, should be extended to support digital technology businesses.

Policies are required to ensure the quality of ‘Make in Vietnam’ technology products, advocating for standardised criteria on national digital platforms and limitations on foreign ownership. The digital technology sector in Vietnam is urged to prioritise quality to strengthen the ‘Make in Vietnam’ brand and enhance its foundation.

This involves not only the development of cutting-edge products and applications but also a concentrated effort to enhance the skill set of the workforce. Investing in the training of high-quality human resources will not only elevate the industry’s technological capabilities but also position Vietnam as a hub for skilled professionals in the digital domain.

Furthermore, for sectoral growth, the government needs to proactively allocate budgets for digital products and services, supported by implementing policies and economic packages.

Additionally, the sector’s expansion requires a focus on strengthening international connections, fostering cooperation, and a collective effort to regulate and share the country’s data resources.

The future success of Vietnam’s digital technology sector is contingent upon a strategic focus on enhancing digital infrastructure, services, and content, establishing the nation as a formidable player in the global digital landscape.

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

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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.

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