Digital Biz

Vietnam is striving to record annual growth of 35-45 per cent in the cyber security business, posting revenue of over $500 million by 2025 and securing a domestic market share of over 50 per cent. It has risen to 25th out of 194 countries and territories, seventh in the Asia-Pacific region, and fourth in ASEAN in the 2021 global cyber safety index from the International Telecommunication Union (ITU).

Telio is the first business-to-business (B2B) e-commerce platform in Vietnam with the mission of connecting businesses with retailers. It has over 35,000 retail agents in 26 cities and provinces. It is expected that by the end of next year this number will increase to 150,000 agents in 45 of the country’s 63 cities and provinces. Not only taking advantage of the local retailer network, Telio also became the first and only B2B e-commerce to launch a store on Zalo.

MoMo e-wallet has announced the completion of a Series E funding round with investment of $200 million. The new funding will help it strengthen its position as market leader by increasing the provision of financial services to 31 million existing customers.

Net withdrawals in Exchange Traded Funds (ETFs) on Vietnam’s stock market were stronger at the end of the year, but 13 ETFs recorded net cash inflows of VND4.7 trillion ($205.58 million) in the first eleven months, mainly domestic funds.

The State Bank of Vietnam (SBV) will propose mechanisms and policies on digital currencies. This is one of the tasks prioritized by the central bank to develop non-cash payments in the country in the 2021-2025 period.

The revenue of Vietnam’s information and communications technology (ICT) industry reached $136 billion in 2021, $11.4 billion more than in 2020 despite Covid-19. According to the Ministry of Information and Communications, the Law on the Digital Technology Industry will be developed next year and the proportion of “Make in Vietnam” in the ICT industry, electronics, and telecommunications, will reach over 45 per cent by 2025.