MoIC gives digital technology a push

The Ministry of Information and Communications (MoIC) has set revenue targets of $165 billion, $175 billion, and $185 billion, respectively, in the field of information technology for 2023-2025.

It emphasized that the digital technology industry, with a focus on design, creativity, and manufacturing, is a key industry in Vietnam and a driving force in the process of industrialization and modernization, contributing to improving the capacity of digital transformation and promoting the formation of a digital nation.

The contribution of digital technology enterprises to GDP over the next three years will be 6-6.5 per cent a year. Information technology industry exports are to reach $137 billion in 2023, then $148 billion in 2024 and $160 billion in 2025.

By 2025, annual revenue growth in the digital technology industry will be double the country’s GDP growth. There will be 80,000 digital technology enterprises established and operating in Vietnam, with ten playing a leading role and being internationally competitive and posting turnover of over $1 billion.

Vietnam will be in the top 5 countries and territories in terms of revenue from software services and mobile games, with at least eight localities seeing revenue from the local digital technology industry of over $1 billion. Foreign investment in the industry is to reach $25 billion.

To achieve the targets, the MoIC has identified ten key tasks for 2023. In June, a database on digital technology enterprises in Vietnam will be completed, while in December, a project on building a dynamic region for the information technology industry and attracting investment in the production of electrical and electronic products, IoT, and AI products in provinces such as southern Dong Nai, Binh Duong, and Ba Ria-Vung Tau will be completed and submitted to the Prime Minister.

The ministry will also host activities to support “Make in Vietnam” products through brand promotional programs, linking supply and demand, promoting activities to attract research and development (R&D) investment, and connecting Vietnamese enterprises with leading chain enterprises and FDI enterprises.

Figures show that total revenue of Vietnamese software and information technology service enterprises in foreign markets is more than $2.2 billion. Revenue from software solutions and services have reached more than $1 billion for the first time.

Large corporations have increased their investment in R&D in Vietnam. In 2022, investment by FDI enterprises in Vietnam such as Samsung, Qualcomm, Panasonic, and Intel shifted from manufacturing outsourcing to R&D.