Make in Vietnam enterprises become 'locomotives' for Vietnam's digital economy

From the call to Make in Vietnam, Vietnamese digital technology enterprises are gradually shifting from assembly and processing to innovation, design, and mastery of core technology.

Digital technology enterprises are playing an increasingly important role in the development of Vietnam's economy. By the end of 2024, the country had 73,788 digital technology enterprises in operation, an increase of 10.12% over the same period in 2023. The total number of employees in the ICT industry reached nearly 1.26 million people. The latest data from the Ministry of Information and Communications shows that in 2024, the total revenue of Vietnamese digital technology enterprises will reach approximately 158 billion USD, an increase of 10.2% over 2023. The country currently has about 1,900 digital technology enterprises with revenue from foreign markets (an increase of 58% over 2018). Total revenue from foreign markets of Vietnamese digital technology enterprises in 2024 will reach 11.5 billion USD, an increase of 54% compared to 2023. Profit after tax of Vietnamese digital technology enterprises will reach about 272,000 billion VND. In 2024, Vietnamese digital technology enterprises will pay more than 43,000 billion VND to the state budget. The contribution to GDP of the ICT industry will reach more than 786,000 billion VND.

Users visit the display space of smart home products Made in Vietnam. Photo: Minh Son

Closing 2024, the ICT industry also left a strong impression with many notable figures. Accordingly, Vietnam's hardware and electronics export turnover in 2024 is estimated to reach 133.2 billion USD, an increase of 10.4% compared to 2023. The ratio of Vietnam's value to revenue in the ICT industry is estimated to reach 31.8%, an increase of 3.1% compared to 2023. Currently, Vietnam is ranked high in 5 digital technology industry products. Vietnam currently ranks 2nd in the world in exporting smartphones; 5th in the world in exporting computer components; 6th in the world in exporting computer equipment; 8th in the world in electronic equipment and components; 7th in the world in software outsourcing. To promote the development of the ICT industry, since 2019, Vietnam has established a digital technology business community with the mission of Make in Vietnam: research in Vietnam, create in Vietnam, produce in Vietnam. The policy and orientation to promote the development of the digital technology industry and digital transformation of the Ministry of Information and Communications has been strongly responded to by the digital technology business community. Therefore, within just 5 years, the Vietnamese digital technology industry has made remarkable developments. The proportion of Vietnam's value on the revenue of the ICT industry has increased by nearly 1.5 times since the Make in Vietnam strategy was initiated. In fact, digital technology businesses are always pioneers in research, development and innovation, mastering technology, creating digital technology products, making important contributions to the process of promoting national digital transformation. The added value in Vietnam will therefore also be higher than simply processing and assembling.

Experience the digital platform developed by Vietnamese enterprises. Photo: TD

In 2025, the Ministry of Information and Communications aims to boost ICT industry revenue to 169.3 billion USD, an increase of 11.4% compared to 2024. Hardware and electronics export turnover will reach 148.5 billion USD, an estimated increase of 12.3% compared to 2024. To achieve that ambitious goal, from now until the end of 2025, the Ministry of Information and Communications expects the number of digital technology enterprises operating in Vietnam to reach 60,000, an increase of about 10% compared to 2024. The 4.0 industrial revolution is exploding with new technologies such as 5G, IoT, AI, Big Data, Cloud, Blockchain, creating revolutions that change the nature of the IT industry. To solve the problem of institutions not keeping up with development, the Ministry of Information and Communications will develop the Law on Digital Technology Industry and documents guiding the Law, aiming to turn the digital technology industry into an economic sector that contributes greatly to the economy. At the same time, digital technology enterprises will be created the most favorable environment to nurture and develop in Vietnam. The digital technology industry will be developed with a focus on Vietnamese digital technology enterprises, gradually shifting from assembly and processing to innovation, design, integration, production, and mastery of core technology in Vietnam. The ICT industry is expected to contribute to building a digital government, a driving force for the development of the digital economy and digital society. Source: https://vietnamnet.vn/doanh-nghiep-make-in-viet-nam-tro-thanh-dau-tau-cho-kinh-te-so-viet-2362637.html