1,500 digital technology businesses earn revenue from abroad

According to the Ministry of Information and Communications (MIC), Vietnam’s digital technology industry has made strong progress in recent years. In 2023, the revenue from this field reached US$142 billion with the Vietnamese value ratio accounting for 28.7 percent. About 1,500 digital technology businesses have earned revenue from foreign markets (an increase of nearly four percent compared to 2022).

Vietnamese digital technology industry has made remarkable progress - photo: Quynh Nga

Vu Van Chung, Deputy Director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, said as of 2023, the country had 1,720 investment projects abroad with total registered capital of US$22.12 billion in 80 countries and territories. In particular, overseas investment in the field of information and communications had recorded 207 projects with a total registered capital of US$2.82 billion, accounting for nearly 13 percent of the total registered capital for investment abroad.

Currently, Vietnam’s information and communications sector has invested abroad in 33 countries. Small-scale projects are still mainly focusing on Singapore, Japan, the Republic of Korea and the US, while larger telecommunications projects are focusing on African countries.

Viettel has successfully developed 5G chips - photo: VGP/Le Nguyen

Minister of Information and Communications Nguyen Manh Hung said Vietnam’s digital technology industry has made encouraging strides over the last few years. Since 2019, the number of digital technology companies in Vietnam has increased by 30 percent while the industry’s revenue has risen by 32 percent; the rate of Make-in-Vietnam products of the industry has gone up from 21 to 29 percent. In particular, software production for foreign partners has grown by 43 percent, involving 1,400 companies, with revenue nearing US$10 billion. “Vietnam not only assembles and processes products, but also innovates and solves Vietnam’s problems, going global from here,” Minister Hung emphasized.

Supporting Vietnamese digital technology businesses

Regarding solutions to support digital technology businesses investing abroad, since the beginning of 2023, the Minister of Information and Communications has established an advisory group to support businesses in this field to realize the policy of supporting Vietnamese digital technology businesses to conquer the world market.

In the coming time, the MIC will work with related units from the Ministry of Foreign Affairs and the Ministry of Industry and Trade (MoIT) to establish focal channels to support Vietnamese businesses in foreign markets (especially the US, Europe, Japan, the Republic of Korea...)

It will also do surveys on the needs and capabilities of Vietnamese businesses when joining foreign markets; build a business ecosystem so that the businesses could provide mutual assistance when operating abroad.

In addition, the MIC will also coordinate with the Ministry of Foreign Affairs, the MoIT, the Vietnam Chamber of Commerce and Industry and successful businesses abroad to research and collect information about information technology in foreign markets as a reference basis for Vietnamese enterprises to build their business plans; coordinate with relevant agencies to form trade and investment promotion delegations for businesses, join fairs, exhibitions, and seminars introducing and promoting IT and communications products; promote and organize communications on the brands and capabilities of Vietnamese businesses.