Draft criteria aim to identify Việt Nam's global-scale digital technology firms

Draft criteria aim to identify Việt Nam's global-scale digital technology firms

A draft circular proposes eight benchmarks for identifying Vietnamese digital technology companies that match advanced international peers.

A Viettel representative showcases the world's first 5G radio unit using an ASIC chipset compliant with the Open RAN standard, jointly developed and manufactured by Viettel and Qualcomm. — Photo courtesy of Viettel

A set of eight criteria has been proposed to identify domestic digital technology companies capable of competing with leading international firms, as the Government seeks to build a new generation of globally competitive technology enterprises under Politburo's Resolution No 57.

The Ministry of Science and Technology is seeking public feedback on a draft circular that would establish official criteria for recognising Vietnamese digital technology companies 'on par with advanced countries'.

Under the draft, companies must satisfy all eight requirements.

They must be established under Vietnamese law, have their headquarters in Việt Nam and not fall under restricted investment categories.

Eligible firms must also report at least US$1 billion in revenue in their latest financial year and employ at least 5,000 workers.

The proposed framework further requires companies to maintain at least one in-house science and technology organisation, spend at least 3 per cent of annual revenue on research and development (R&D), and hold patents granted by one of five major intellectual property offices: the United States Patent and Trademark Office (USPTO), the European Patent Office (EPO), the Japan Patent Office (JPO), the Korean Intellectual Property Office (KIPO) or the China National Intellectual Property Administration (CNIPA).

To demonstrate international competitiveness, firms would also need to operate overseas branches or subsidiaries, including in advanced innovation markets such as the G7 economies, China, South Korea or Singapore, while generating at least 10 per cent of revenue from international markets.

The proposal is intended to help implement Resolution No. 57, which aims to have at least five Vietnamese digital technology companies operating at the level of advanced countries by 2030, rising to at least 10 by 2045. 

According to the ministry's explanatory report, the criteria were developed after reviewing business classification systems and innovation indicators in the G7, China, South Korea and Singapore.

While no country has an official definition of a 'digital technology company on par with advanced countries', the ministry said common international indicators include company scale, R&D investment, technological capability and global market presence.

The ministry also examined global benchmarks including the Forbes Global 2000, Fortune Global 500, Fortune Southeast Asia 500 and the EU Industrial R&D Investment Scoreboard when designing the framework.

According to the ministry, Việt Nam now has more than 80,000 digital technology enterprises operating in areas ranging from software and digital platforms to hardware, electronics and e-commerce.

Four companies – Viettel, FPT, VNPT and MobiFone – have annual revenue exceeding $1 billion, while Viettel and FPT each generate more than $1 billion in annual overseas revenue. A growing number of start-ups are also developing Make in Việt Nam products in AI, big data, blockchain and digital solutions.

However, it acknowledged that most firms remain small- or medium-sized, invest relatively little in R&D, possess limited core technologies and intellectual property, and have yet to establish a strong international presence. Many still rely on software outsourcing or systems integration rather than developing globally competitive digital products and platforms.

The ministry said establishing an official set of criteria would provide a transparent basis for identifying leading enterprises, designing targeted support policies and encouraging more Vietnamese technology companies to expand internationally and strengthen the country's innovation ecosystem. 

Bizhub