Vietnam’s ICT sector to generate $169.3 billion by 2025
Vietnam’s ICT sector to generate $169.3 billion by 2025
As of the end of 2024, Vietnam boasts nearly 73,800 digital technology companies, a 10.1% increase from the previous year, employing nearly 1.26 million workers in the field.
Vietnam's information and communications technology (ICT) sector is expected to generate US$169.3 billion in revenue by 2025, up 11.4% from 2024, according to the Ministry of Information and Communications.
The ministry also highlighted that exports of hardware and electronics, a key area of the industry, are expected to reach $148.5 billion, a growth of 12.3% year-on-year.
VinSmart factory in Hanoi's Hoa Lac Hi-tech Park. Photo: Vingroup |
Vietnam continues to assert its position in the ICT sector, with the total revenue of Vietnamese digital technology companies reaching nearly $158 billion in 2024, up 10.2% year-on-year, the ministry said.
According to the ministry's report, hardware and electronics exports are estimated to reach $133.2 billion, up 10.4% from 2023. In addition, the domestic value share of total ICT revenue is projected to reach 31.8%, up 3.1% year-on-year, highlighting the improving capabilities of domestic technology firms.
Vietnam holds prominent global rankings in five categories of digital technology products. Specifically, it ranks second in smartphone exports, fifth in computer component exports, sixth in computing devices, eighth in electronic equipment and components, and seventh in software outsourcing services, according to the state agency.
As of the end of 2024, Vietnam boasts nearly 73,800 digital technology enterprises, an increase of 10.1% year-on-year, employing nearly 1.26 million workers in the sector.
To boost the development of the ICT sector, Vietnam established a digital technology enterprise community in 2019 with the vision of 'Make in Vietnam', focusing on domestic research, innovation and production.
In the five years since the strategy was launched, Vietnam's digital technology sector has made remarkable progress. Local companies are increasingly investing in research and development, gradually mastering technology to create digital products that reflect Vietnamese identity.
Vietnam's value in the domestic technology industry has risen from 20% to 32% since the launch of the "Make in Vietnam" initiative, Minister of Information and Communications Nguyen Manh Hung reported at the Sixth National Forum on the Development of Vietnamese Digital Technology Enterprises, entitled "Mastering Digital Technology, Leading Vietnam’s Digital Transformation through Vietnamese Digital Technology Enterprises" in January.
He added that with the current number of digital enterprises, Vietnam ranks among the countries with the highest number of digital technology enterprises per capita in the developing world. By 2030, Vietnam aims to increase the value of its digital technology industry to over 50% to escape the pitfalls of outsourcing and achieve higher income levels, Hung said.
