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Vietnam attracts global investment in tech-driven businesses

Technology-driven models are of primary interest among international and domestic businesses and investors in different sectors over the year, ranging from e-commerce and education to healthcare and banking.

According to a press release, in the banking and financial sector, fintech is rising with the United Kingdom, in particular, recognising the advantages in the country. As a leading global fintech hub, British companies are keen on plans to expand investment into the sector in Vietnam.

With growing interest, sci-tech and ICT have continued to be among the most attractive sectors to international investors and businesses in Vietnam during the year, despite the pandemic. As shown in statistics from the Ministry of Planning and Investment, Vietnam’s total registered FDI in sci-tech and ICT hit about US$1.25 billion in the first 11 months of 2020.

As the COVID-19 pandemic hit, several companies came to a screeching halt, with the rest having to think about new changes to survive- technology-based businesses have become the most sought after solution.

South Korea, Europe, Japan, Singapore, and others have been anticipating new opportunities from Vietnam’s acceleration of digital transformation, with ICT now playing an increasing role in the country’s economic development. According to the Ministry of Information and Communications, the country’s total ICT revenue reached over US$112 billion in 2019.

Moreover, Vietnam has made huge strides in accelerating its national digital transformation this year by issuing a number of policies in this field. In fact, the country’s tech market has been a magnet for international businesses and venture funds even before 2020. According to Singaporean-based VC firm Cento Ventures, for the first time, investment in Vietnamese start-ups has even exceeded Singapore. Funding for Vietnamese-based start-ups accounted for 18% of the total investment in the region, or US $741 million, in 2019 – a huge jump from a year earlier when it only accounted for 4%, or US$287 million.

This trend has now been further reinforced with the approval of the National Digital Transformation Programme by 2025 with a vision towards 2030, and other targets. Under this programme, the country has set the target to be named among the 50 leading countries in e-government by 2030; for the digital economy to make up 30% of GDP; and for people to be able to experience smart services in healthcare, education, banking and finance, transport, environmental protection, and energy supply.

In line with the approval, ministries, agencies, and provinces have been deploying digital transformation by building new policies and developing infrastructure to tap into their own advantages and specific characteristics.

Additionally, this is also backed by the country’s new FDI attraction strategy with high-tech as a focus to offer incentives and supporting policies, as well as the Politburo’s Resolution No.52-NQ/TW issued in 2019 on guidelines and policies to proactively participate in Industry 4.0. This includes the establishment of the Vietnam National Innovation Centre, which will offer special incentives for investment projects at the facility.

The National Strategy on the Fourth Industrial Revolution will focus on investing in advanced technology, developing infrastructure and e-government, and building on the performance of tech-related commitments in free trade agreements. It is expected to continue to drive a new business and investment wave in the months to come.

Industry insiders have noted that all of these factors motivate companies, prompting the business community to venture further into the technology market. This transformation is expected to continue at a faster speed, generating big impacts for a digital government, economy, and society.

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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.

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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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