Vietnam is set to improve its legal framework to boost digital tech exports, according to Lê Nam Trung, Deputy Director of the Authority of ICT Industry and Communications. The Ministry of Information and Communications is developing the Law on Digital Technology Industry to create a favorable environment for companies to expand internationally.
Vietnam ranked first globally in high-tech exports, imports, and creative goods in the Global Innovation Index 2024 (GII), announced by the World Intellectual Property Organization (WIPO) in September. Overall, the country moved up two places to rank 44th, continuing its rise as one of the fastest-growing middle-income economies since 2013.
This progress highlights the success of the ‘Make in Vietnam’ policy, which promotes digital technology exports and boosts the global standing of Vietnamese products.
The Authority of ICT Industry and Communications reports that Vietnam has around 45,000 IT companies, with 11,200 focused on software development. Over 1,500 companies exported products or services in 2023, generating $7.5 billion in revenue. Policies encouraging international clients have helped companies navigate challenges in the domestic market.
FPT, a leading tech firm, reached $1 billion in international IT service revenues in 2023. The company recorded nearly $865 million in new foreign orders in the first seven months of this year, a 23.8% increase from the previous year. FPT aims for $5 billion in foreign market revenues by 2030. Other successful companies include Rikkeisoft, TMA Solutions, NashTech, KMS Technology, and CMC.
The global digital technology market offers significant opportunities for Vietnamese companies. Global spending is projected to reach $5 trillion this year, a 6.8% increase from 2023, with major investments in IT, communication services, and software.
Vietnam remains a strong outsourcing destination for major global tech firms, according to the 2023 Kearney Global Services Location Index, reinforcing its position as a global digital hub.
Bùi Thanh Tùng from the Trade and Investment Department urged Vietnamese companies to expand abroad, citing opportunities from the fourth industrial revolution. The government is also advancing Vietnam’s semiconductor industry, further enhancing the country’s appeal to international businesses.
Trương Gia Bình, Chairman of FPT, noted that foreign clients are increasingly seeking partnerships with Vietnam. Nguyễn Huy, CEO of Phygital Labs, highlighted the need for collaboration among Vietnamese companies to strengthen their global presence.
Supportive policies are key to enabling this expansion. The proposed Law on Digital Technology Industry, to be submitted to the National Assembly in October, aims to establish a legal framework to support international growth. The law also seeks to develop the industry’s workforce.
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