February 26, 2024

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Vietnam initiative to boost ICT business ecosystem

The Vietnam Software and IT Services Association (VINASA) launched this year’s Vietnam Top 10 ICT Businesses programme, earlier this week. It aims to support the government’s goal to have 100,000 digital technology companies by 2030.

Launched in 2014, the top 10 Vietnam ICT businesses programme includes three main activities of voting for outstanding enterprises in the 17 ICT fields in Vietnam, developing a special three-language publication, and boosting connections between ICT businesses and potential international and domestic customers.

To date, the programme has selected and introduced 390 enterprises, with 20 publications in three languages (Vietnamese, English, Japanese). These have been sent to more than 2,000 domestic agencies and units. And more than 10,000 partners from over 100 countries and economies in the international cooperation network of VINASA.

This year’s event will select the ten best ICT companies in 17 categories, divided into three groups according to their working field, business model, digital transformation solution provision, technological ability, and competitiveness.

Candidate enterprises will be evaluated across seven criteria:

  • Financial indicators
  • Human resources
  • Products and services
  • Technology, research, and development capacity
  • Leadership and business management
  • Awards, titles, and recognised achievements
  • A special assessment for each sector

The evaluation process features three rounds – profile selection, presentation and verification, and final voting. Judges will comprise leading experts in technology, finance, corporate governance, e-commerce, start-ups, and media.

This year, the voting categories are expanded and will honour leading companies in new sectors – Fintech, Proptech, EdTech, and MedTech. The presentation round is scheduled from 15 April to 6 May. The announcement and award ceremony will take place on 13 July, before the Vietnam ICT Summit 2021.

In the last 5 years, the ICT industry has recorded the fastest growth rate, 26.1% per year on average. The industry has greatly contributed to the general national development and modernisation of Vietnam.

In 2020, the revenue of the ICT industry was US$120 billion, including US$6 billion from software development and digital content (two times higher than the one in 2015). The productivity and labour output values of this industry were also 3 to 10 times higher than those of others, reaching US$20,000 per person per year. The proportion of domestic contribution also accounted for 90%-95%.

The government has been creating several initiatives and events to support the ICT industry following the National Digital Transformation Programme, which was unveiled last June. In a recent interview, the Minister of Information and Communications (MIC) explained that when implementing digital transformation, it is necessary to calculate the value it brings. For example, labour savings, working hour savings, and recurrent cost savings. Long-term intangible values should be quantified as well. If the value created is higher than the cost, digital transformation is effective.

He added that digital transformation is not an incremental cost, but an added value. To avoid accidents that happened with the IT sector in the past, Vietnamese provinces should consider spending on digital transformation as an investment project.

Regarding employment, he said that digital transformation can positively support retraining and create tools and foundations for new jobs to be easier to learn and do. Digital transformation creates digital universities, and distance learning platforms make retraining easier.


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