Vietnam's Information and Communication Technology Enterprises Go Global

Benefiting from extensive Internet access, a rich workforce, and support from governments at all levels, Vietnamese information and communication technology companies are in a favorable position to make significant breakthroughs and move towards the world in the near future.

Statistics from the International Telecommunication Union show that about 49% of the world's population, or nearly 4 billion people, have not yet connected to the Internet. This is an opportunity for Vietnamese information technology companies to go global.

Pavel Poskakukhin, co chairman of the Digital Sector Committee of the European Chamber of Commerce in Vietnam, said that thanks to a young and skilled population, Vietnamese information technology companies have many opportunities in Europe, especially in providing e-commerce solutions.

Vietnam currently has over 70 million Internet users, ranking 12th in the world. There are approximately 45000 information and communication technology companies with over 1 million employees. 25 software companies in Vietnam have obtained Capability Maturity Model Integration (CMMI) certification, leading Southeast Asia and surpassing Singapore and Malaysia.

In 2022, Vietnam Military Telecommunications Industry Group (Viettel) received $3 billion in revenue from foreign markets, while FPT Group received $1 billion.

However, despite its large number, Vietnamese ICT enterprises are mainly small and medium-sized enterprises. Tao Duc Thang, Chairman and General Manager of Viettel, said that when conducting business overseas, Vietnamese companies may face risks of exchange rate fluctuations and a lack of partners. It is recommended that before any investment is made, it is necessary to fully understand the political and socio-economic conditions and laws of the host country. Close contact should also be maintained with the local government.

Vietnam's Minister of Communications and Media, Nguyen Mong Hung, stated that both rich and poor countries are currently comprehensively accelerating the digital transformation, and providing high-quality products for more people is the direction of common development. In the future, the Ministry of Communications and Media will work with technology associations to support information and communication technology enterprises by promoting digital technology economic diplomacy, using global trade mechanisms to market digital technology brands, and organizing digital investment and trade promotion forums and conferences abroad. It is recommended that the government sign digital cooperation agreements with various countries. The Communications and Media Department has established a consulting team to help Vietnamese information and communication technology companies go global.