Bắc Ninh
Vietnam's digital tech sector boasts nearly 74,000 companies
As of late 2024, Vietnam had 73,788 digital technology enterprises, marking a 10.1% increase from the same period in 2023. Nearly 1.26 million workers are employed in the Information and Communication Technology (ICT) sector.
Total revenue of Vietnam's digital tech companies reached nearly 158 billion USD in 2024, a 10.2% year-on-year increase, according to the Ministry of Information and Communications (MIC).
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Electronics production at Rhythm Precision Vietnam in the Noi Bai Industrial Zone. |
Significantly, around 1,900 digital tech enterprises reported revenue from international markets. Total overseas revenue surged by 54% compared to 2023, reaching 11.5 billion USD in 2024.
Export revenue from hardware and electronics was estimated at 133.2 billion USD, up 10.4% from 2023. Additionally, the domestic value-added ratio in the ICT sector accounted for an estimated 31.8% of total industry revenue, a 3.1% 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 USD this year, an 11.4% increase from 2024. Hardware and electronics exports, the industry’s key segment, are expected to hit 148.5 billion USD, growing 12.3% 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.
Party General Secretary To Lam has emphasised the need for more efforts to place Vietnam among the top three Southeast Asian countries for digital technology research and development by 2030, and form at least five major digital technology enterprises capable of competing internationally.
Entering 2025, Vietnam is gearing up to accomplish important goals in its digital transformation journey for economic development. Vietnam ranked 71st in the UN's e-government survey, up 15 spots from 2022. Fiber optic internet use surpassed 82%, and 87% of the population used smartphones. A major milestone was Viettel's launch of the largest data center. These developments lay a solid foundation for Vietnam's ongoing digital journey.
The Politburo's resolution on advancing science, technology, innovation, and national digital transformation aims for sustainable development in these fields by 2045, positioning Vietnam as a high-income developed country.
According to the Politburo’s resolution on breakthroughs in science, technology, innovation, and national digital transformation, Vietnam has set ambitious targets for 2030. The country aims to achieve advanced capabilities in science, technology, and innovation across several key fields, ranking among the leading nations in the upper-middle-income group.
In the article “Digital transformation — A key driver for developing the productive forces and perfecting production relations, leading the country into a new era”, Party General Secretary To Lam affirms that promoting digital transformation alongside ensuring security and safety is an objective necessity for Vietnam to break through in the new era. This practical and timely directive is aligned with the trends of the time.
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