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Vietnam aims for 100,000 digital technology companies by 2025

Vietnam aims for 100,000 digital technology companies by 2025

Tuesday, November 30, 2021, 15:48 GMT+7
Vietnam aims for 100,000 digital technology companies by 2025
Engineers work at an electronic circuit board testing line at Trung Nam EMS factory in Da Nang Hi-Tech Park in Da Nang City, Vietnam. Photo: Tan Luc / Tuoi Tre

Vietnam is striving to develop 100,000 digital technology companies by 2025, which will contribute 30 percent of the country’s gross domestic product (GDP).

Deputy Minister of Information and Communications Phan Tam highlighted the target at an information and communication technology (ICT) investment promotion forum in the central city of Da Nang on Tuesday morning.

Digital technology companies are expected to play an important role in contributing to Vietnam’s rapid and sustainable development, according to Deputy Minister Tam.

Vietnam currently has 58,000 ICT enterprises and hopes to bring the figure to 100,000 by 2025.

The Southeast Asian nation is among the world’s top 10 exporters of electronic products, ranks second in smartphone shipments, and comes ninth in software outsourcing. 

Its strategy for the future is to transform from a destination for outsourcing and assembling to a product manufacturer and service provider.

“Vietnam would be one of the top 50 countries in the world for e-government ranking while its digital economy would contribute 30 percent of the national GDP,” Tam said.

“Annual digital economic growth would be three times GDP growth, creating an inclusive digital economy covering all sectors such as healthcare, education, finance-banking, agriculture, transportation, and logistics.”

Vietnam’s ICT revenue in 2020 reached US$124.6 billion, according to Nguyen Thanh Tuyen, deputy director of the Information Technology Department under the Ministry of Information and Communications.

Its growth rate in the 2015-20 period averaged out at 15.2 percent per year, twice GDP growth, making ICT one of the economic sectors with the fastest growth rate and the largest scale in the country.

Tuyen added that Vietnamese digital technology companies’ workforce approached 1.1 million in 2020.

The hardware industry's revenue hit $110 billion in the same year. 

Information technology products, especially smartphones and computers, made the top 10 largest export groups of Vietnam in 2020, contributing to the country’s hardware and electronics trade surplus of more than $15 billion.

Speaking at Tuesday’s event, Tran Phuoc Son, deputy chairman of Da Nang, said that the city hopes to generate $2.34 billion in ICT revenue by 2025 and the industry would make up 15 percent of its total GRDP by 2030.

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