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Vietnamese digital technology businesses are being urged to expand their reach into foreign markets, aiming to capitalise on global opportunities and bolster the country’s digital economy. This call to action was emphasised during a regular press conference hosted by the Ministry of Information and Communications (MIC), where officials highlighted the growing presence of Vietnamese tech enterprises on the international stage.
Currently, there are more than 1,500 Vietnamese digital technology firms operating in foreign markets, collectively generating an impressive revenue of US$7.5 billion. This significant contribution underscores the potential for Vietnamese businesses to thrive in the global digital landscape.
Lê Nam Trung, Deputy Director of the MIC’s Authority of ICT Industry and Communications, emphasised the importance of Vietnamese tech companies venturing abroad amidst challenges in the local IT market. Operating internationally not only boosts revenues but also enhances the reputation of Vietnamese digital products, reaffirming the country’s position as a hub for innovation and technology.
Trung highlighted that approximately 80% of the total revenue of Vietnamese digital technology enterprises is derived from foreign markets, underscoring the vital role of international expansion in sustaining growth. To facilitate this trend, the MIC is actively drafting the Law on Digital Technology Industry and implementing policies to support domestic tech firms in their overseas endeavours.
To further assist digital technology businesses in penetrating foreign markets, the MIC has initiated various measures, including establishing consulting groups and organising delegations to promote Vietnamese digital products abroad. Last year alone, the ministry facilitated connections between fifty Vietnamese businesses and over 3,000 international counterparts through overseas engagements and business-to-business meetings.
Despite global uncertainties, the Vietnamese software and information technology services export market demonstrated resilience, growing by 4-8% in 2023. With software production revenues expected to reach approximately US$4.3 billion, and export revenues forecasted to hit $4 billion, the sector is poised for continued expansion and success in international markets.
Recognising the pivotal role of artificial intelligence (AI) and semiconductors in driving the Fourth Industrial Revolution, the MIC is intensifying efforts to develop these critical sectors. Collaborative initiatives with leading organisations such as Nvidia Corporation aim to establish AI centres of excellence and bolster human resource development in semiconductor technology.
Looking ahead, Vietnam is formulating a comprehensive strategy to develop the semiconductor industry until 2030, with a vision for 2045. This strategy aims to position Vietnam as a global hub for semiconductor chip production, contributing to the country’s digital transformation and the establishment of a robust digital economy and government.
OpenGov Asia reported that Vietnam’s strategic focus on science, technology, and innovation as drivers of economic growth and societal advancement is evident through its multifaceted approach, encompassing policy formulation, infrastructure development, and collaborative initiatives. This dedication has propelled Vietnam’s rise in the Global Innovation Index (GII) rankings, climbing from 59th place in 2016 to 46th place in 2023.
Central to Vietnam’s innovation agenda is the recognition of science, technology, and innovation as crucial factors for productivity gains, quality enhancements, and economic competitiveness. The government consistently emphasizes leveraging these elements as strategic breakthroughs for sustainable development and prosperity.
The recent introduction of the Provincial Innovation Index (PII) further illustrates Vietnam’s commitment to grassroots innovation, empowering provincial authorities with actionable data to address regional challenges effectively and foster socioeconomic development.
By fostering innovation, promoting international cooperation, and investing in human capital, Vietnam is poised to emerge as a key player in the global digital arena, driving sustainable economic growth and technological advancement. Through strategic initiatives and proactive policies, the country aims to leverage its strengths in digital technology to seize opportunities in foreign markets and solidify its position as a leading digital economy in the region.
