As of late 2024, Việt Nam had 73,788 digital technology enterprises, marking a 10.1 per cent increase from the same period in 2023. Nearly 1.26 million workers are employed in the Information and Communication Technology (ICT) sector.

 

Total revenues for Vietnam's digital tech companies reached nearly US$158 billion in 2024, a 10.2 per cent year-on-year increase, according to the Ministry of Information and Communications (MIC).

 

Significantly, around 1,900 digital tech enterprises reported revenue from international markets. Total overseas revenue surged by 54 per cent compared to 2023, reaching $11.5 billion in 2024.

 

Export revenue from hardware and electronics was estimated at $133.2 billion, up 10.4 per cent from 2023. Additionally, the domestic value-added ratio in the ICT sector accounted for an estimated 31.8 per cent of total industry revenue, a 3.1 per cent increase from the previous year.

 

This highlights the improving capabilities of Vietnam's local tech enterprises, which significantly contribute to the country’s tech value chain.

 

Globally, Vietnam has maintained prominent rankings across five categories of digital tech products. The country ranked second in smartphone exports, fifth in computer component exports, sixth in computer devices, eighth in electronic devices and components and seventh in software outsourcing services.

 

To foster the sector's development, Vietnam established a digital tech enterprise community in 2019 under the 'Make in Vietnam' vision, focusing on research, innovation and domestic production.

 

Looking forward, MIC projects ICT industry revenue to reach $169.3 billion this year, an 11.4 per cent increase from 2024. Hardware and electronics exports, the industry’s key segment, are expected to hit $148.5 billion, growing 12.3 per cent year-on-year.

 

To solidify the digital tech industry as a cornerstone of the economy, MIC is finalising the Law on Digital Technology Industry.

 

This legal framework is set to provide a solid foundation, ensuring businesses and investors have the confidence to grow and innovate in Vietnam. — VNS