Vietnam's ICT revenue falls by more than 7% over last year

August 9, 2023 | 07:39 am GMT+7

Revenue of the information and communications technology industry (ICT) was valued at over VNĐ1.71 quadrillion, equivalent to US$72.9 billion, by the end of last month, down 7.1 per cent compared to the same period last year.


The Ministry of Information and Communications (MIC) said that the world economy faced many difficulties due to the economic recession in many countries with no signs of recovery.

In addition, the ICT consumption market was declining. Growth potential was low due to the resonance effects of the Russia-Ukraine conflict and the post-COVID-19 economic aftershock.

These had directly affected the export market of Vietnamese goods and services, including ICT products and services, leading to a decrease in the country's export orders.

The main reason was a sharp decline in hardware and electronics exports, with declines of 22.8 per cent in March, 22.4 per cent in April, and 16.3 per cent in May.

Revenue from the hardware and electronics industry in the first seven months of the year was estimated at nearly $67.7 billion, down 7 per cent year-on-year.

The export value of hardware and electronic products was estimated at nearly $61 billion, down 10.6 per cent year-on-year, accounting for about 30 per cent of the country's export value.

The General Department of Customs said that the export value of computers and components was estimated at over $30 billion by the end of July, down 8.9 per cent over the same period last year and the export value of phones and phone components were estimated at over $27.8 billion, down 13.7 per cent over the same period.

The number of registered digital technology enterprises had increased steadily.

According to data from the Agency for Business Registration under the Ministry of Planning and Investment, the number of registered and operating digital technology enterprises was estimated at 72,300 by the end of last month, an increase of 300 compared to June.