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Vietnam Digital Technology Industry Estimated US$148 Billion

The digital technology industry is a driver of Vietnam’s economy. Its revenue is estimated to reach about US$ 148 billion in 2022, marking a year-on-year increase of 10%, according to the Deputy Minister of Information and Communications, Pham Duc Long. Vietnam now has 70,000 digital technology firms, three years ahead of the target set for 2025. The number of digital enterprises in Vietnam increased from 45,600 in 2019 to 68,800 in September this year.

Long was speaking at the Make in Vietnam Forum 2022, a national forum on the development of digital technology enterprises. It is one of the biggest annual events for Vietnam’s digital technology industry. It attracted about 1,000 delegates, including experts, domestic and foreign technology enterprises, and start-ups in the field of technology in Vietnam. Businesses from the Republic of Korea and Singapore attended online.

At the event, Deputy Prime Minister Vu Duc Dam urged digital technology enterprises to join hands and stay united to seek digital solutions to serve the government and people. Minister Long affirmed that digital businesses should help turn Vietnam into a developed country by 2045. Businesses must turn digital technology into an important driving force for creativity and innovation.

MIC will consider changing institutions to better support the development of digital businesses, Long said. The Ministry will also accompany the Ministry of Education and Training to develop human resources, making it a core factor in the national digital transformation process. MIC will also work with the business community to further explore the domestic market and then, enter the foreign markets.

Exports from the digital technology industry are estimated at US$ 136 billion, Long noted. Vietnamese digital technology enterprises have continued to affirm their pioneering role in research, development, innovation, mastering technology, and making important contributions to national digital transformation.

At the forum, enterprises shared information about global information technology trends, and proposed solutions to develop sustainable Vietnamese digital technology enterprises. They discussed mastering the domestic market and enhancing the country’s value in the global value chain. On the sidelines of the forum, a hybrid exhibition displayed and offered participants opportunities to experience Make-in-Vietnam digital technology products, that are expected to serve the development of the digital government, economy, and society.

The country’s ICT industry’s revenue was estimated at US$109.5 billion over the first nine months of 2022, a year-on-year increase of 13%. As OpenGov Asia reported, the revenue of the ICT industry in the third quarter of this year saw an increase of US$ 37 billion compared to the figure recorded in the first half of the year.

From January to September, the revenue of the electronics hardware industry reached US$ 97 billion, accounting for 90%. During the reviewed period, the nation earned US$ 90.7 billion from exporting electronics hardware products, up 13% against the same period last year. The export value of computers and spare parts touched US$ 43.1 billion, up 17.9%. The export of phones and accessories reached US$ 43.3 billion, up 5.6%.

The revenue of the information technology industry in the first half of this year attained US$ 72.5 billion, up 17.8%. The proportion of Make in Vietnam products in the ICT industry structure was estimated at 26.72%, worth around US$ 19.4 billion.

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