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Vietnam Aims for 10 Digital Technology Firms with Revenue over US$1 Billion

Vietnam, which is pursuing a policy on the development of digital technologies, has set the goal of having ten technology firms with annual revenue of over $1 billion by 2025. Last year was an eventful one for the information and communication technologies (ICT) industry as Vietnam began building a legal framework to promote digital technology. The total revenue of Vietnam’s ICT segment was estimated at an all-time high of VND3,462 trillion (US$151 billion), growing 9% year on year. The ICT segment alone contributes over US$136 billion to the sum, increasing by some US$11.5 billion from last year, according to data from the Ministry of Information and Communications (MIC).

Under a plan, MIC in 2022 will draft a Law on Digital Technology to institutionalise guidelines and policies of the Party and the State on digital technology development. Other tasks for 2022 are building and protecting the growth space and developing a digital economy based on research, creation, production, supply, and indigenously-developed technology products and services. It’s expected that by 2025, the ICT industry will shift from outsourcing and assembling to designing and manufacturing technology products locally. The Ministry aims for the sector to master or invent technologies with local content of over 45%. Vietnam plans to have 100,000 digital technology firms by 2025 and have at least 10 firms compete in global markets with revenues of over US$1 billion. It also wants to have 10 localities with revenues of over US$1 billion from ICT and 10-12 IT zones.

Though it has gained achievements, the ICT industry faces several challenges. The robust development of digital technology requires regular adjustment of the legal framework to create favourable conditions for digital technology firms to grow. Over 90% of digital firms in Vietnam are small and medium enterprises. Therefore, they have limited resources to invest in research and development for new products and services. They are also facing a shortage of highly skilled IT workers. Moreover, some localities lack the capital to support digital businesses and develop their information and communications industries.

However, the COVID-19 pandemic sped up digital transformation, helping the ICT industry grow steadily. Vietnam currently has some 64,000 digital businesses, a 10% increase from 2020. Further, the number of labourers in the industry grew 8% year on year to over 1.4 million people. With their revenues totalling US$18.8 billion, Vietnamese ICT companies account for 13.8% of the information and communications industry’s total revenue.

Vietnam is expected to be the fastest-growing e-commerce market in Southeast Asia by 2026, with e-commerce gross merchandise value (GMV) reaching US$56 billion by 2026, 4.5 times the estimated value of 2021. Vietnam is at the forefront of driving change and seizing opportunities to thrive based on digital transformation in a post-pandemic future. A study surveyed about 16,700 digital consumers and more than 20 C-level employees in six Southeast Asian countries, including 3,579 survey participants from Vietnam. The report described Southeast Asia as a leader of digital transformation in the Asia-Pacific region and Vietnam as one of the best performers. In Vietnam, seven out of ten consumers have digital access, and the country will have 53 million digital consumers by the end of 2021.

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.

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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.

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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.

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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. 

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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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