Digital technology firms are playing an increasingly important role in the development of Vietnam's economy. By the end of 2024, Vietnam had 73,788 digital technology companies, a 10.1 percent increase from the same period in 2023, with nearly 1.26 million workers in the ICT (Information and Communication Technology) sector.
The Ministry of Information and Communications (MIC) reported that in 2024, the total revenue of Vietnamese digital technology firms was nearly $158 billion, up 10.2 percent compared with 2023.
Currently, 1,900 digital technology companies in Vietnam have revenue from foreign markets (up 58 percent compared with 2018). The total foreign revenue of Vietnamese digital technology firms in 2024 reached $11.5 billion, up 54 percent from 2023.
The post-tax profit of Vietnamese digital technology companies was roughly VND 272,000 billion. In 2024, these companies paid VND43,000 billion to the state budget. The ICT industry made up VND786 trillion to the country’s GDP.
The ICT industry left a strong mark with many noteworthy figures. Export turnover of hardware and electronics in Vietnam was estimated at $133.2 billion, a 10.4 percent increase from 2023.
The ratio of Vietnam’s value to ICT revenue was estimated at 31.8 percent, up 3.1 percent over 2023.
Currently, Vietnam ranks high in five categories of digital technology products. It ranks second globally in smartphone exports; fifth in computer component exports; sixth in computer equipment exports; eighth in electronic equipment and components; and seventh in software outsourcing.
To promote ICT industry development, in 2019, Vietnam established the digital technology business community with the mission of "Make in Vietnam": researched in Vietnam, created in Vietnam, and manufactured in Vietnam.
Within just five years, Vietnam's digital technology industry has seen commendable growth. The proportion of Vietnamese value in the ICT industry's revenue has nearly increased 1.5 times since the Make in Vietnam strategy was initiated.
Digital technology enterprises have pioneered research, development, innovation, mastering technology, and created digital products, contributing to national digital transformation.
In 2025, MIC aims to boost ICT revenues to $169.3 billion, an increase of 11.4 percent compared to 2024, and hardware and electronic exports are expected to reach $148.5 billion, up 12.3 percent over 2024.
To reach the ambitious goal, from now to the end of 2025, the number of digital technology firms in Vietnam may reach 60,000, up 10 percent over 2024.
The explosion of the 4.0 Industrial Revolution, featuring new technologies like 5G, IoT, AI, Big Data, Cloud, and Blockchain, is leading to revolutionary changes in the nature of the IT industry.
MIC plans to draft a Digital Technology Industry Law and accompanying legal documents to turn the digital technology industry into an important economic sector.
