Electronics production at Rhythm Precision Vietnam in the Noi Bai Industrial Zone (Photo: hanoitimes.vn)

Total revenue of Vietnam's digital tech companies reached nearly 158 billion USD in 2024, a 10.2% year-on-year increase, according to the Ministry of Information and Communications (MIC).

Significantly, around 1,900 digital tech enterprises reported revenue from international markets. Total overseas revenue surged by 54% compared to 2023, reaching 11.5 billion USD in 2024.

Export revenue from hardware and electronics was estimated at 133.2 billion USD, up 10.4% from 2023. Additionally, the domestic value-added ratio in the ICT sector accounted for an estimated 31.8% of total industry revenue, a 3.1% increase from the previous year.

This highlights the improving capabilities of Vietnam's local tech enterprises, which significantly contribute to the country’s tech value chain.

Globally, Vietnam has maintained prominent rankings across five categories of digital tech products. The country ranked second in smartphone exports, fifth in computer component exports, sixth in computer devices, eighth in electronic devices and components and seventh in software outsourcing services.

To foster the sector's development, Vietnam established a digital tech enterprise community in 2019 under the 'Make in Vietnam' vision, focusing on research, innovation and domestic production.

Looking forward, MIC projects ICT industry revenue to reach 169.3 billion USD this year, an 11.4% increase from 2024. Hardware and electronics exports, the industry’s key segment, are expected to hit 148.5 billion USD, growing 12.3% year-on-year.

To solidify the digital tech industry as a cornerstone of the economy, MIC is finalising the Law on Digital Technology Industry.

This legal framework is set to provide a solid foundation, ensuring businesses and investors have the confidence to grow and innovate in Vietnam.