14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

ICT industry sets 45% of Make in Vietnam products by 2025

Phi Khanh

Dec 28, 2021 / 02:45 PM

The industry targets 10 digital businesses, marking revenue of over US$1 billion each by 2025.

Vietnam’s ICT industry will move from outsourcing and assembly to mastering technology and making Make in Vietnam products and services, with the Make in Vietnam portfolio of over 45% by 2025.

A production line of VinSmart factory at Hoa Lac Industrial Park. Photo: Vingroup

The information was recently released by the Ministry of Information and Communications.

By 2025, the number of digital technology enterprises in Vietnam will reach 100,000, with at least 10 earning over $1 billion each.

At least 10 localities would have ICT revenue of over $1 billion. The revenue growth rate of the IT industry is expected to equal two or three times the whole country’s GDP growth rate.

To reach the ambitious target, the ministry said it will this year draft the Law on Digital Technology Industry to institutionalize the Party and State's guidelines on the development of digital technology.

The ministry will support the digital economy development through activities of research, creation, production, supply, and the application of products and services made by Vietnamese digital tech companies.

This year, the ICT industry revenue in 2021 reached $136.1 billion, up from over $124 billion in 2020.

Another 5,600 digital tech companies have been registered this year, totaling 64,000 businesses. The newly-established enterprises generated a revenue of US$18.8 billion, accounting for 13.8% of the total revenue of the information and communications technology industry (ICT).

The localization ratio of the industry’s revenue reached 24.65%, a significant increase compared to previous years.

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