Vietnam ICT Market is Expected to Register a CAGR of 9.17% Through 2029

Government Support & Policies, Growing demand for digital services and rise of E-commerce & digital payments are likely to propel the market during the forecast period.

According to TechSci Research report, “Vietnam ICT Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, Vietnam ICT Market was valued at USD 21.11 Billion in 2023 and is expected to grow at a CAGR of 9.17% during the forecast period. Foreign investment is a key driver of Vietnam's ICT market. Vietnam has become an attractive destination for international companies looking to invest in technology due to its favorable economic conditions, competitive labor costs, and growing consumer base. Major global tech companies like Intel, Samsung, and LG have established significant operations in Vietnam, building factories, R&D centers, and production facilities. This influx of foreign direct investment (FDI) has not only contributed to the country’s economic growth but has also played a vital role in advancing its ICT capabilities.

The Vietnamese government has actively sought to promote global integration by signing various free trade agreements (FTAs) and fostering international partnerships. Agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA) have helped open up new markets for Vietnamese tech companies and facilitated the exchange of knowledge, technology, and expertise.

Foreign investment also plays a critical role in knowledge transfer. International companies bring advanced technologies and management practices, helping to elevate the skills of the local workforce and encouraging innovation within the country. Moreover, Vietnamese companies benefit from collaboration with international firms by gaining access to global markets, allowing them to scale up operations and improve their competitiveness. As Vietnam continues to open its economy to foreign investors and integrates further into the global market, the ICT sector stands to benefit significantly. The influx of capital, technology, and expertise from global firms is expected to fuel further growth and innovation in Vietnam’s ICT industry. Thus, foreign investment and global integration remain vital drivers of the country’s burgeoning ICT market.

 

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Based on Size of Enterprise, The Large Enterprises held the largest market share in 2023. Large enterprises dominate the Vietnam ICT market due to several key factors that give them a competitive edge in driving growth and innovation. First, these companies have the financial resources to invest in advanced technologies, research and development, and skilled talent. This allows them to adopt cutting-edge solutions like cloud computing, artificial intelligence (AI), and big data analytics, which are critical for remaining competitive in a rapidly evolving digital landscape. Large enterprises in Vietnam, especially in sectors such as telecommunications, finance, and manufacturing, are at the forefront of digital transformation. They have the infrastructure and capacity to scale up operations and implement sophisticated ICT systems, positioning them as leaders in modernizing business processes and improving efficiency. For instance, major telecom providers like Viettel and VNPT not only dominate telecommunications but also invest heavily in developing cloud infrastructure, 5G networks, and IoT solutions. Furthermore, large enterprises are often better equipped to comply with evolving regulations related to data privacy, cybersecurity, and digital services. Their ability to navigate the regulatory environment ensures smooth operations and fosters trust among consumers and business partners. Multinational corporations (MNCs) with a presence in Vietnam, such as Intel, Samsung, and LG, have invested heavily in the country’s ICT sector. These companies bring advanced technologies and global expertise, further strengthening the position of large enterprises in the market. Their investments also stimulate the local ICT ecosystem by creating opportunities for partnerships, knowledge transfer, and talent development.

Based on region, Northern Vietnam is emerging as the fastest-growing region in the country’s ICT market due to a combination of strategic, economic, and infrastructural factors. The region, particularly around Hanoi, is experiencing robust economic growth and industrial development. As Vietnam's capital and one of its largest economic hubs, Hanoi attracts numerous domestic and international companies, boosting demand for advanced ICT solutions. The presence of large technology parks, industrial zones, and a growing number of tech startups in Northern Vietnam is driving the expansion of ICT infrastructure and services. The Vietnamese government has prioritized the development of the northern region through various initiatives. Policies aimed at regional development, such as infrastructure improvements and investment incentives, are designed to enhance the ICT ecosystem. Special economic zones and technology parks in Northern Vietnam, like the Hanoi Hi-Tech Park, are fostering an environment conducive to ICT growth. Northern Vietnam benefits from a substantial talent pool due to the concentration of educational institutions and universities in Hanoi. These institutions produce a steady stream of skilled graduates in fields such as engineering, computer science, and information technology. The availability of a skilled workforce supports the region’s growing ICT sector and attracts technology companies looking for qualified talent. Significant investments in infrastructure are further accelerating ICT growth in the region. The expansion of broadband networks, improved connectivity, and the rollout of 4G and 5G networks enhance the region’s ICT capabilities. These developments facilitate the adoption of advanced technologies and digital services, driving further economic growth and technological innovation.

Major companies operating in the Vietnam ICT Market are: 

• Microsoft Corporation
• Apple Inc.
• Amazon Web Services, Inc.
• Alphabet Inc.
• IBM Corporation
• Intel Corporation
• Cisco Systems, Inc.
• Oracle Corporation
• SAP SE
• Hewlett Packard Enterprise Company

 

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“The Vietnam ICT market presents significant opportunities for growth, driven by rapid digital transformation, government support, and a young, tech-savvy population. Key areas of opportunity include e-commerce, digital payments, cloud computing, and 5G deployment. The country’s push for digitalization across sectors like finance, manufacturing, and healthcare creates demand for innovative solutions in AI, IoT, and cybersecurity. Additionally, Vietnam's favorable investment climate and strategic position in Southeast Asia attract foreign investments, fostering further technological advancements. As the ICT landscape expands, businesses offering cutting-edge technology solutions and digital services have immense potential to thrive in this dynamic market”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Vietnam ICT Market, By Type (Hardware, Software, IT Services, Telecommunication Services), By Size of Enterprise (Small & Medium Enterprises, Large Enterprises), By Industry (BFSI, IT & Telecom, Government, Retail & E-commerce, Manufacturing, Energy & Utilities, Others), By Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Vietnam ICT Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam ICT Market.

 

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