Vietnam’s ICT industry poised for strong growth

Vietnam’s ICT industry poised for strong growth

Vietnam’s ICT industry is on a fast track to growth, driven by ambitious revenue targets, bold investments in cutting-edge tech, and strong policy support.

According to a report by the Vietnam Software & IT Services Association (VINASA) released in late February, Vietnam’s ICT industry is expected to maintain strong growth, targeting nearly $170 billion in revenue this year, contributing over 12 per cent to GDP and increasing Vietnam’s value-added share in the sector from 32 per cent to 50 per cent by 2030.

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An Ngoc Thao, deputy secretary of VINASA, shared with VIR, “With increased investment in emerging technologies such as AI, big data, blockchain, and green technology, along with business support policies regarding breakthroughs in science, technology, innovation, and digital transformation, Vietnam’s ICT industry has a strong foundation to continue its growth. The sector is expected to surpass last year’s estimated revenue of nearly $167 billion and reach $170 billion this year,” he said.

To realise this goal and enhance international competitiveness, several enterprises such as Viettel, VNPT, FPT, and One Mount are making bold moves in the semiconductor, GenAI, and blockchain sectors.

As a key player in telecommunications and semiconductors, Viettel announced that it has independently designed and mastered the core technology of two critical 5G base station chips - digital front-end and radio frequency integrated circuits.

“Between 2020 and 2030, the group plans to develop chips for telecommunications infrastructure, AI edge computing, and military equipment. We are currently investing in design tools, laboratories, and advanced technologies with smarter algorithms to enhance chip performance and efficiency,” a Viettel representative stated, “There will be more practical policies allowing us and other companies to expand our participation in the semiconductor industry, including manufacturing, design, and packaging for both the domestic and global markets.”

Viettel has also proposed the creation of a venture capital fund and evaluation mechanisms to encourage businesses to invest in new technologies, alongside policies to establish a strategic industrial investment fund and prioritise the use of “Made in Vietnam” products.

Meanwhile, VNPT has committed to mastering the GenAI model “Made in Vietnam” across various domains, including language, image processing, information, and data, by 2027. Specifically, its Vietnamese-language large language model aims to reach at least 100 billion parameters, with deep cultural, historical, and geographical knowledge to address Vietnam’s major challenges.

“In the next three years, we plan to develop a digital twin for cities, including a 3D national map, urban infrastructure, environmental monitoring, transportation, logistics, education, healthcare, trade, underground facilities, surface space, and satellite space,” a VNPT representative said.

FPT chairman Truong Gia Binh expressed his strong enthusiasm for participating in these initiatives, stating, “Our first commitment is to become a global-scale digital technology corporation, achieving $5 billion in international revenue by 2030. Our second commitment is to train 1,500 semiconductor students and expand our training courses to 10,000 semiconductor engineers, 50,000 AI engineers, and provide AI-related skills and knowledge to half a million IT professionals by 2030.”

As the key player in blockchain technology development, One Mount CEO Nguyen Thi Diu announced that the company plans to invest $200-500 million to master blockchain technology, deploy blockchain networks, and build "Made in Vietnam" blockchain infrastructure.

She stated, “The platform is designed to enable seamless operation, interaction, and interoperability between different blockchain networks in Vietnam, serving regulatory agencies, businesses, and individuals, thereby driving digital technology adoption across all sectors.”

In 2025, VINASA will introduce the VINASA Tech Map methodology to position Vietnamese enterprises within the digital technology landscape.

VINASA Tech Map will help position enterprises within the technology ecosystem, strengthening their competitiveness. It will also connect businesses with investment networks and innovation support funds, creating opportunities for growth. Additionally, the initiative aims to boost trade promotion efforts, supporting companies in expanding their presence in international markets.

Furthermore, VINASA will ramp up marketing, networking, and trade promotion initiatives for participating businesses, including publishing specialised reports in Vietnamese, English, and Japanese for distribution to 5,000 domestic and international organisations, as well as hosting conferences and talk shows to showcase solutions and share industry insights.

VIR