2 Decades of Ever-Growing – A Miracle Journey of Vietnam ICT Industry

After years of the nation recovering & building post-reunification, Vietnam began the era of modernization through establishing the “Doi moi” reform in 1986, marking an important baseline in the process of liberating the nation’s economy and policy landscape. This milestone significantly accelerated connecting Vietnam to the world, creating a favorable environment for high-value & innovative sectors, including the ICT Industry, to be introduced!

The introduction of the Internet & mobile connection in the 1990s was one of the critical factors contributing to the emergence of the ICT Industry in Vietnam. From a difficult beginning with nearly zero contribution & resources, ICT has been considered as one of the fastest-growing sectors, contributing a significant role in the modern economic landscape in Vietnam after more than 2 decades. With new technologies and government responses, the ICT sector has reshaped almost every aspect of daily life & industries, contributing to leveraging Vietnam’s position in the global economic landscape. 

As a Vietnamese IT Company, NTQ is proud to be a part of this journey, which is even more special on the occasion of commemorating the 50th anniversary of Reunification. The Vietnamese people’s spirit of unity, collective effort, and relentless creativity over the past five decades has helped Vietnam overcome numerous adversities, rise strong, and become a dynamic and sustainable economy.

On this special occasion, let’s take a moment to reflect on Vietnam ICT Industry development, and a special gratitude to all Vietnamese enterprises, individuals & tech-driven community for driving this inspiring journey! 

A Growth in Contribution

In the early years of integration, the Information and Communication Technology (ICT) sector was considered a relatively small industry (secondary) in Vietnam, falling behind other sectors like oil and gas, agriculture, commerce, and construction. Limited resources and infrastructure meant that by the late 1990s and early 2000s, the sector’s contribution to the national economy was still quite small, playing a minimal role in the overall economic structure.

However, with significant investments in infrastructure, a focus on fostering innovation, and the overall growth of the national economy, Vietnam’s technology sector has risen and made tremendous strides, becoming a key force in today’s era. From a modest contribution, the ICT sector has consistently accounted for 12-14% of the GDP in recent years, becoming a vital driver of the economy. Looking ahead, the government aims to position the digital economy as a core sector, with plans to boost infrastructure investment and technological development, targeting a GDP contribution of 30% by 2030.

Expansion of Talent Hub

In the early years of development, technological resources were limited, and the number of students pursuing IT-related fields was not widespread. At that time, the total number of professionals in the sector was modest, and the number of technology companies was only in the three-digit range.

After 20 years, Vietnam’s IT sector has seen a significant surge in resources and the number of companies participating in the market, with impressive statistics. Over 1.5 million professionals and more than 73,000 technology companies. These numbers reflect how the scale of Vietnam’s technology market has expanded multiple times over just two decades of growth. Not only in terms of quantity but also in quality, the talent in Vietnam’s IT sector has been recognized in numerous prestigious rankings and statistics.

As Vietnam actively implements development cooperation programs and nurtures technology talent, particularly in high-tech fields like semiconductors and AI, the country’s IT workforce is expected to continue growing, not only in terms of numbers but also in diversity and specialization.

From a limited presence, where the sector could only handle basic outsourcing tasks, Vietnam’s technology industry quickly integrated with the global market, becoming an indispensable link in the global value chain.

By 2024, the number of companies generating revenue from international markets has surpassed 1,500, with a total revenue of over 170 billion USD in 2023 alone. The presence of Vietnamese businesses has expanded beyond partnerships with countries like Korea and Japan to include demanding markets in Europe, the US, and Australia. Vietnamese companies are now more proactive in seeking opportunities for expansion, building international networks, and establishing branches in local markets.

The strong rise of Vietnam’s technology sector on the global stage is clear evidence that Vietnamese solutions, ideas, and intelligence have delivered substantial value, playing a key role in the global supply chain. Vietnamese businesses have been active in showcasing high-quality “Made in Vietnam” products and services, becoming strategic partners to leading global corporations and organizations over the years.

And A Deep Gratitude! 

Behind the achievements, milestones, and proud journey of Vietnam’s technology sector, we must acknowledge the continuous contributions of businesses, individuals, communities, and forums, constantly dedicated, striving, and innovating together to build a dynamic digital economy that is globally connected. We believe that collaboration and unity will provide the strength to continue writing the next chapters of growth for Vietnam’s technology and economy in the future.