Vietnam’s information and communications technology (ICT) industry has been enjoying a period of remarkable growth and transformation in recent times, making impressive strides forward on the back of strong government support, rapid digitalization, and the dynamic participation of both domestic and international enterprises. This development not only contributes significantly to the country’s economic growth but also enhances its global competitiveness.
According to the Ministry of Information and Communications, Vietnam’s ICT industry is estimated to have generated total revenue of $165.9 billion in 2024, up 13.2 per cent against 2023, and is expected to come in at around $169.3 billion this year, reflecting its robust growth momentum and rising contribution to Vietnam’s digital economy.
Steady breakthroughs
From its early focus on providing basic telecommunications and software services, Vietnam’s ICT industry has undergone a remarkable transformation, expanding into higher value added areas such as hardware manufacturing, digital platform development, AI, cloud computing, and comprehensive digital transformation solutions for businesses. This strategic shift has not only strengthened the country’s technological capabilities but also fostered a dynamic digital ecosystem that promotes innovation, enhances competitiveness, and lays the foundation for Vietnam to integrate more deeply into global value chains in the era of the digital economy.
Moreover, figures from Mordor Intelligence show that Vietnam’s ICT market size is valued at $9.12 billion in 2025. Looking ahead, the market is projected to hit $14.68 billion by 2030, for a compound annual growth rate (CAGR) of 9.92 per cent during the 2025-2030 period. In addition, the country is currently home to more than 27,600 ICT enterprises, including approximately 4,500 hardware companies employing over 900,000 people, 12,500 software firms with 224,000 employees, and 9,700 IT service providers employing about 84,000 workers. This not only demonstrates the impressive scale of Vietnam’s ICT ecosystem but also highlights the industry’s crucial role in driving innovation, job creation, and the country’s ongoing digital transformation.
The growing trend of large-scale investments by global tech corporations around Vietnam, the establishment of research and development (R&D) centers, and the implementation of the national digital transformation strategy are also creating new momentum for the industry. “In particular, with growing investment in emerging technologies such as AI, big data, blockchain, and green technology, along with business support policies on breakthroughs in science, technology, innovation, and digital transformation, Vietnam’s ICT industry has a strong foundation to continue its growth,” said Mr. An Ngoc Thao, Vice President of the Vietnam Software and IT Services Association (VINASA).
Vietnam currently has some 79.8 million internet users, for a penetration rate of 78.8 per cent of the population, indicating substantial space for further growth compared to more advanced countries such as South Korea, which boasts a 97.4 per cent rate, according to DataReportal. In addition, the adoption of digital technologies by Vietnamese enterprises has been expanding rapidly, with as many as 74 per cent of businesses having developed their own digitalization strategies; higher than the Asia-Pacific average of 63 per cent and contributing significantly to the continued growth and dynamism of its ICT industry.
Furthermore, the expansion of e-commerce, the rise of digital payments, the growing popularity of remote work, and the increasing prevalence of cybersecurity threats have all become key factors driving the growth of ICT. Meanwhile, the rapid pace of digital transformation, the continued dominance of the hardware segment, and the large-scale rollout of 5G networks are expected to further accelerate the development of the Vietnamese ICT market, paving the way for a new phase of breakthrough growth in the years ahead.
Growing influence
Vietnamese enterprises are increasingly affirming their position on the regional and global technology map. Through their capacity for innovation, flexible adaptability, and strategic vision, many domestic companies have moved beyond providing basic services to gradually mastering high-tech fields, contributing to enhancing the reputation and brand of Vietnam’s ICT industry.
The sustainable growth of enterprises in the industry has also been built on a foundation of possessing and applying advanced technologies as well as developing a high-quality workforce of ICT experts and engineers. Among industry players, prominent names such as FPT Software, TMA Solutions, CMC Technology, and VNG have demonstrated remarkable growth and international competitiveness.
For example, FPT Software has become a strategic partner of several leading global tech corporations such as Microsoft, Oracle, and SAP. Beyond that, the company has expanded its operations across numerous international markets, from Japan and the US to Southeast Asian countries, clearly reflecting the global ambitions and outstanding competitiveness of Vietnamese enterprises.
Meanwhile, Vietnamese ICT companies are also undergoing a strong transition from software outsourcing to developing high-tech products and solutions in areas such as AI, big data, and blockchain. These strategic directions not only enhance the added value of the economy but also position Vietnam as a reputable global hub for IT services.
Accompanying this progress is strong support from the government. Vietnam has introduced a number of specific policies and strategic orientations to promote ICT as a new driver of economic growth. “Among them, Politburo Resolution No. 57 on breakthroughs in science, technology, innovation, and national digital transformation offers new opportunities through several tax and credit incentives for enterprises investing in innovation; provides a mechanism for exemption of liability in new technology testing, and facilitates business access to international markets through specialized trade promotion programs,” Mr. Thao emphasized.
Thanks to this open and dynamic policy environment, Vietnam has become an increasingly-attractive destination for global tech corporations seeking to expand their presence in Southeast Asia, with giants such as Google, Facebook, and Amazon actively exploring partnership and investment opportunities in Vietnam. In particular, the recent collaboration between Vietnam and NVIDIA is expected to usher in a new phase of technological advancement, fostering more in-depth and high-quality development of the country’s technology sector. In parallel, the government continues to promote investment in digital infrastructure, encourage comprehensive digital transformation, and create favorable conditions for ICT companies both domestically and internationally.
However, Vietnam’s ICT industry still faces certain challenges. One of the most significant is the shortage of high-quality human resources in cutting-edge fields such as AI, big data, and blockchain, which require deep expertise and continuous innovation. According to Professor Nguyen Thanh Thuy, President of the Vietnam Association for Information Processing (VAIP), AI is gradually transforming all aspects of life, compelling the ICT industry to undergo profound innovation not only to keep pace with global trends but also to play a leading role in the sustainable application of AI. “Therefore, the training of human resources in the ICT field must be reoriented to serve the development of AI effectively and responsibly, contributing to building a humane and sustainable society,” he added.
In order to ensure that Vietnam’s ICT industry leaves an even stronger mark on the global technology landscape, experts also suggest that a comprehensive and coordinated set of measures be implemented, from government policies to corporate initiatives. Greater investment in R&D should be prioritized through preferential policies that encourage tech enterprises to innovate and develop new products and technologies. Simultaneously, human resources training must be strengthened, particularly through programs focused on AI, machine learning, big data, and blockchain, to cultivate a generation of highly-skilled engineers meeting international standards.
Furthermore, accelerating digital transformation and the adoption of advanced technologies across sectors such as agriculture, healthcare, education, and manufacturing will help enhance the economy’s overall value creation. Investment should also be directed toward developing modern ICT infrastructure, especially internet and telecommunications systems, data centers, and cloud computing. In tandem, it is essential to build a vibrant startup and innovation ecosystem, reinforce cybersecurity, develop “Made in Vietnam” security solutions, and promote the application of emerging technologies.
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