Vietnam’s cyber security sector recorded turnover of VND5.522 trillion ($227.2 million) in 2023, a year-on-year rise of 20 per cent, figures from the Ministry of Information and Communications (MoIC) show.

There are currently 109 cyber security companies in the sector, including three State-owned corporations. They employ a total of 3,866 people, up 13 per cent year-on-year.

Relevant agencies at the MoIC detected and handled 12,846 cyber attacks last year, up 5.3 per cent year-on-year.

The ministry has set a target of Vietnam retaining its position as one of the world’s top 30 countries in the Global Cybersecurity Index (GCI) from the International Telecommunication Union.

Average revenue growth in the cyber security sector is expected at 20 per cent.

Vietnam is expected to become a powerhouse in cyber security by 2050.