Vietnam - one of the most attractive investment markets in digital era
Vietnam targets by year 2025, to have 50% of its small and medium enterprises shifting to digital platforms and to create at least 100,000 digital technology enterprises.
Vietnam is now one of the most attractive investment markets with its global innovation index constantly increasing, strong economic growth, growing middle class and high technology absorption rate. Those are big premises for digital transformation in Vietnam which is enticing foreign technology investors, said Erich Gerber, TIBCO Software senior vice president of international sales.
| Erich Gerber, TIBCO Software senior vice president of international sales|
Vietnam has also laid out its digitization mission, which targets by year 2025, to have 50% of its small and medium enterprises shifting to digital platforms and to create at least 100,000 digital technology enterprises.
“The current Vietnamese population is about 100 million and many are what we call “new middle-class people,” said Gerber. “This means that we recognize a significant need and opportunity for financial and insurance service organizations,” he added.
Moreover, mobile penetration in Vietnam remains at a staggering rate of 1: 1.5 compared to 1: 0.75 in the world. This shows that businesses and service providers in Vietnam are facing a significant challenge to serve consumers in an active and personalized manner.
In addition, Vietnam has a large number of IT universities that provide high quality education in technology and data science. These trends, of course, have a great influence on technology and increase the popularity of the information technology market in Vietnam.
With the great potential of Vietnam’s market, Gerber affirmed that TIBCO wishes to participate more deeply in the digital transformation process themed “Collaboration – Key to Modernize Vietnam with digital transformation.” The company, specializing in integration, API management and data analysis, officially opened a new engineering office on February 26 in Hanoi.
The company made its incursion in Vietnam more than 10 years ago and now has developed a network of customers and sales here. Recently with the decision to buy Orchestra Networks - a software company with strengths in data management and especially with nearly 100 high-quality IT professionals in Hanoi, TIBCO has shown its orientation to expand operations and increase its presence.
“Guided by the theme, we aim to share our knowledge and expertise with the companies in Vietnam on how to manage data, how to comply with data security and governing regulations, and how to use the shift in new holistic data governance in enforcing and realizing better business returns,” said Gerber at the opening.
“We also aim to expound our vision to collaborate with the most respected academic and financial institutions in search of highly competent local talents, and to explore partnership opportunities for future cross-country recruitment and internships.”
TIBCO is also looking for other M&A opportunities to expand its operations in Vietnam and around the world. After decades of its presence in Vietnam, the company has provided software solutions for some key aspects such as: telecommunications, finance, banks.
Revealing more details about TIBCO's expectations in Vietnam in 2020, Gerber expects to have more customers, doubling its last year sales in Vietnam market. The company plans to increase the total headcount to 80 this year.
Currently, it is setting up a sales unit, including the appointment of country director, engineers and consultants. At the same time, the company will continue to invest in partner networks.
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