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.
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Growth Drivers
Government-Led Digital Transformation National strategies are accelerating ICT development through investments in broadband, smart governance, and digital public services. These policies support startups, digital infrastructure, and ICT human capital development. Foreign Direct Investment & Supply-Chain Shifts With global companies diversifying manufacturing bases away from traditional hubs, Vietnam is becoming a key destination for tech-related production and ICT service investments. Young, Tech-Savvy Population A large, urbanized youth demographic with high smartphone penetration is driving strong demand for digital services, online content, and mobile connectivity. Significance of ICT Design – TECS GLOBAL Rising Demand for Cloud & AI Adoption Enterprises and public institutions are embracing cloud computing and AI technologies to streamline operations, increase efficiency, and build smart systems. Expansion of Telecom and 5G Infrastructure Investments in nationwide 5G and fiber-optic networks are enabling the next phase of digital services, from high-speed mobile internet to IoT and real-time applications.
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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Market Trends:
Cloud-Centric IT Modernization Cloud infrastructure is at the center of digital transformation strategies, with local and international players ramping up their cloud and data center offerings to meet enterprise and government needs. IoT, Automation & Smart Systems Integration of IoT and AI in logistics, manufacturing, urban management, and agriculture is gaining momentum, supporting the broader smart city and Industry 4.0 agenda. Cybersecurity Becoming a Priority With rising digital adoption, organizations are focusing more on cyber protection, data privacy, and regulatory compliance, especially in banking, telecom, and public sectors. Fintech and EdTech Expansion Digital payment platforms, online banking, and remote learning services are proliferating, powered by favorable demographics and a strong digital culture. Digital Content & E-Commerce Boom Streaming, mobile gaming, and e-commerce platforms are seeing explosive growth, increasing the demand for bandwidth, edge computing, and digital transaction capabilities.
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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Market Opportunities
Hyperscale and Edge Data Centers Demand for localized cloud services, data sovereignty, and digital capacity is creating strong opportunities in hyperscale data center construction and operation. ICT Support for Semiconductor Expansion As Vietnam grows its chip-packaging and assembly capabilities, ICT services such as automation, cloud, and analytics are becoming crucial support systems for this ecosystem. Smart City Infrastructure Government and private sector efforts to develop smart cities offer opportunities in IoT, data analytics, network management, and integrated ICT services. Cybersecurity Services & Compliance Tools Enterprises are increasingly seeking cybersecurity solutions, compliance frameworks, and risk management services to safeguard data and maintain digital trust. Enterprise Cloud & SaaS Solutions Cloud-based enterprise applications—ranging from productivity tools to ERP and CRM—are gaining traction, especially among SMEs and public sector institutions. Mobile-First Platforms & Digital Services With mobile becoming the primary access point for internet use, service providers can capitalize on opportunities in app development, mobile advertising, and digital engagement platforms.
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