Vietnam's information and communication technology (ICT) industry is no longer just about assembly and outsourcing. In recent years, many Vietnamese enterprises have developed high-value, branded products that make a significant mark on the global tech landscape.

A billion-dollar industry on the rise

According to the Ministry of Information and Communications (MIC), by the end of 2024, the revenue of Vietnam’s digital technology industry is estimated to reach $155 billion, contributing over $2.2 billion to the state budget.

Of this, Vietnamese enterprises generated around $26.4 billion in revenue. By November 2024, Vietnam had over 27,600 ICT companies, employing about 1.26 million people. The ratio of digital technology enterprises per 1,000 people stands at 0.76.

The breakdown of ICT enterprises includes:

4,500 hardware manufacturers (computer devices, telecommunications electronics, smart devices)

12,500 software companies

750 digital content producers

9,700 IT service providers

In terms of workforce distribution, hardware manufacturing companies employed the most people, with over 900,000 workers, followed by software companies with more than 224,000 employees. IT service providers employed 84,000 people, while digital content producers employed around 3,700 workers.

Make in Vietnam: A strategy to transform the digital economy

In 2019, Vietnam launched the Make in Vietnam strategy to promote innovation, research, and production within the country. The slogan became a call to action, shifting the focus from outsourcing to creating Vietnamese-branded products and solutions.

Over the past five years, the strategy has led to significant achievements. In 2024, the domestic value contribution of Vietnam's ICT industry revenue was around $45.5 billion, accounting for 31.8% of total ICT revenue, up from 21.35% in 2019.

The IT sector alone generated $9.7 billion, while foreign direct investment (FDI) companies contributed $19 billion. Hardware and telecommunications electronics exports reached $5.5 billion, making up 32% of the nation’s total export value.

According to Nguyen Khac Lich, Director of the Department of ICT Industry, the Make in Vietnam strategy has significantly boosted the local content in the ICT sector, fostering creativity and problem-solving to address national challenges and expand globally.

Venturing abroad: Global success stories

About 1,500 Vietnamese tech companies have generated revenue from international markets. In 2023, the Ministry of Planning and Investment recorded 207 foreign investment projects in the ICT sector, with a total capital of $2.82 billion, accounting for nearly 13% of Vietnam’s total overseas investment.

From modest beginnings in software outsourcing, Vietnamese enterprises have progressively advanced into high-tech innovation and product development. Success stories from companies like FPT, Viettel, and Sconnect demonstrate the effectiveness of the Make in Vietnam strategy.

FPT started its international journey in 1999 and has grown from a small software outsourcing firm to a major global IT services provider. In 2023, FPT surpassed $1 billion in revenue from software exports. With a goal of $5 billion by 2030, the company continues to expand its presence globally.

Initially a military production unit, Viettel has transformed into a global tech giant. After 15 years of international expansion, Viettel is now the leading telecom investor in 7 out of 10 international markets.

In 2023, its foreign investment revenue reached over $3 billion, maintaining high growth rates for seven consecutive years — five times higher than the global industry average. Viettel also made headlines by showcasing 5G circuit boards and chips at the Mobile World Congress (MWC), making Vietnam one of the first six countries to master 5G technology.

Sconnect is a Vietnamese pioneer in producing animated content on YouTube, targeting children in international markets. Starting with the character Wolfoo, Sconnect has expanded to game programming, mobile apps, image licensing, content distribution, and intellectual property management.

Expanding global presence

A survey by VINASA (Vietnam Software and IT Services Association) showed that the revenue of 20 Vietnamese IT firms operating in Japan grew from $672 million in 2020 to $1.345 billion in 2024 — a twofold increase with annual growth rates between 22-28%. The workforce increased by nearly 8,000 people during this period.

Vietnamese ICT companies are increasingly gaining recognition on the world stage, as seen in the success of their software and IT services exports. The rapid and solid growth of Make in Vietnam products and services is contributing to the country's reputation as a global IT player.

The Make in Vietnam strategy not only boosts economic value but also strengthens the nation’s image as a modern industrial country. The achievements of Vietnamese ICT enterprises highlight the potential to rise above simple outsourcing, positioning Vietnam as a leader in global technology and innovation.

PV