The flourish of IT industry in Vietnam

Information and communication technology (ICT) is a booming sector in Viet Nam, supported by world-class telecommunication infrastructure.

ICT revenue in 2018 reached almost US$100 billion, posting an 8% increase compared to 2017. Software export revenue is estimated to reach US$3.5 billion, an increase of 11.6% over the previous year.

Vietnam’s plans for a digital economy, smart cities, and start-ups have helped the country’s IT industry record vigorous revenue growth.

Foreign Investment

An official press release has noted that the growing capital inflow in Vietnam’s IT industry from private investors, especially foreign ones, has been considered a “golden opportunity” for the industry to expand.

IT industry in Vietnam

The Director of the Ho Chi Minh City Investment and Trade Promotion Centre said that the IT industry is attractive to investors because the country leads Southeast Asia in internet economy growth with a rate of 40%, according to the e-Economy Southeast Asia report for 2019.

The country is growing from investments in leading global technology companies focused on manufacturing hardware to developing software and more application-based services.

These foreign funds are critical to Vietnam, especially for transferring knowledge and bringing in global best practices that are crucial for developing a local yet world-class ICT industry.

Under the strongly growing digital economy, major opportunities are opening for investors, especially those who want to provide products and services based on new technologies.

The government from Hanoi and the Ho Chi Minh City administration are deploying projects to build smart cities around the country, promoting innovative start-up programs, and implementing projects to transform Ho Chi Minh City into a regional and international financial hub.

Economic Growth

As Vietnam’s digital economy continues to thrive, its gross merchandise value is 4% of the country’s GDP, higher than any other country in Southeast Asia.

It is predicted that the IT sector will continue to be a driving force for growth and transformation in the Vietnamese economy, especially in delivering Industry 4.0 evolution, as this will secure the country’s strong competitive regional position in the coming decades.

Post IT 2

Furthermore, Vietnam had 3,000 start-ups in 2019, ranking third place among Southeast Asian countries. Last year, a Vietnam Report survey on the 500 most profitable companies in the country showed that most business insiders expect technology to remain the leader in attracting investment.

According to the City Momentum Index, Hanoi and Ho Chi Minh City are among the ten most dynamic cities in the world this year.

Finally

Innovation in Vietnam is also constantly increasing and is projected to continue in this manner for the next five to ten years. The Managing Director at the Asia Internet Coalition said that Vietnam has grown to become one of the most attractive investment markets in the region across several sectors, but the IT industry and its digital economy stand as the most promising.

At the capital of this country, a dedicated team of Young and Creative from Techvify constantly strive to attain knowledge and increase their competence to provide the trusted and best-qualified solutions to our valued customers.

Post IT 3

We hold an array of multidisciplinary skilled employees forming the core of our capability in various fields of software development such as Finance, Insurance, E-commerce, Manufacturing, Hospitality and Internet Services.

Our key motto does not stop at bringing success to our clients but gaining customer satisfaction after each project.

Get in touch with us to receive the top-notch services leading to your success.

 

Related Topics

Related Topics

Telecom Software Development

An In-Depth Guide into Telecom Software Development for 2024

Table of ContentsForeign InvestmentEconomic GrowthFinally Customized software plays a major role in managing various tasks within the telecom industry. It is essential for allocating numbers to subscribers and managing networks through optimized and AI-enabled routing protocols. Additionally, it aids in detecting fraud with intelligent telecom software development solutions and maintaining detailed subscriber profiles, including comprehensive call recording reports. I. A Quick Look into the Telecommunication Industry The telecommunications industry enables the global exchange of information in the 21st century. Key players in this sector include cable and satellite companies, wireless operators, and internet service providers. These companies facilitate the transmission…

24 July, 2024

medical ai chatbot

10 Most Important Use Cases of Medical AI Chatbot in 2024

Table of ContentsForeign InvestmentEconomic GrowthFinally In most industries, creating and deploying a chatbot is straightforward. However, the process is more complex for healthcare and pharmacies due to the sensitive nature of patient information, diagnoses, prescriptions, and medical advice. Any mistakes made by a chatbot in these areas can have serious consequences. It’s noteworthy that 52% of patients in the USA acquire their healthcare data through chatbots. Chatbots are only as intelligent as we train them to be, making the “teaching” process critical for effective patient interaction. So, how can healthcare centers and pharmacies incorporate medical AI chatbot without compromising patient…

23 July, 2024

Data Science in Fintech

The Necessity of Data Science in Fintech: It’s More Important Than You Think

Table of ContentsForeign InvestmentEconomic GrowthFinally Financial technology, also known as fintech, is among the fastest-expanding sectors worldwide, transforming our understanding of finance and money. The rise of fintech has led to an explosion of data available to financial services companies, which is being utilized to drive innovation, enhance customer experiences, and manage risk. Data science, which involves using advanced analytics and machine learning to derive insights from data, has become an essential tool for fintech companies aiming to stay competitive. In this article, we will explore how data science is revolutionizing the fintech industry. By examining case studies of successful…

22 July, 2024