In 2022, Vietnamese Information and Communications Technology (ICT) firms demonstrated significant growth, contributing 27 percent to the industry's earnings, marking a 2.35 percent increase from the previous year. According to a report by the Ministry of Information and Telecommunications (MIT), the ICT industry in Vietnam saw a substantial rise in overall earnings, reaching $148 billion. This represents an 8.7 percent growth from the previous year, with a notable contribution of $34 billion to the national GDP.
Export and Trade Success
Vietnam has solidified its position as a leading exporter of ICT products in Southeast Asia. The country exported $136 billion worth of ICT hardware in the past year, reflecting an 11.6 percent increase from the previous year. This impressive performance also resulted in a $26 billion trade surplus in the ICT sector. The continued growth in exports highlights the expanding global reach and competitiveness of Vietnamese IT firms.
Shift from Outsourcing to Innovation
A significant trend within the industry is the shift from traditional software outsourcing to the development of proprietary solutions. The report reveals that over 60 percent of firms have transitioned towards producing their own technologies, creating added value in the process. This strategic shift aims to enhance the industry’s capability to develop indigenous technologies and solutions that can compete on a global scale.
Surge in New Entrants
The ICT sector in Vietnam experienced a robust influx of new companies, with more than 70,000 new firms entering the market, marking a 9.6 percent increase from the previous year. This surge indicates a vibrant and expanding industry landscape, with growing opportunities for innovation and collaboration.
Strategic Objectives and Technological Focus
Looking ahead, a key objective for Vietnamese IT firms is to excel in developing and mastering indigenous technologies. The focus areas include artificial intelligence (AI), the Internet of Things (IoT), cloud computing, and 5G technologies. The aim is to proliferate domestically-made ICT products and services that achieve international recognition and success.
TMA Solutions: Leading the Way
Scale and Technical Capability
TMA Solutions exemplifies the strength and capability of Vietnamese IT firms. With a team of over 4,000 software engineers, TMA is well-equipped to handle large and complex projects. The company's expertise spans a wide range of advanced technologies, including AI, IoT, Big Data, Cloud Computing, and Blockchain. This extensive technical capability positions TMA as a prominent player in the industry, capable of delivering high-quality solutions across various sectors.
Global Client Network
TMA Solutions has established a strong international presence, with significant operations in North America, Europe, and Asia. This global reach not only broadens their perspective on diverse customer needs but also enables them to provide tailored software solutions that meet specific regional demands. TMA's international experience and client network are pivotal in driving their continued success and growth in the global market.
Conclusion
The Vietnamese ICT industry is on an upward trajectory, with impressive earnings, export success, and a growing number of innovative firms. The shift towards developing proprietary technologies and expanding into global markets underscores the sector's potential and ambition. Companies like TMA Solutions are leading the way, showcasing the technical prowess and global reach that define Vietnam’s burgeoning IT landscape.
As the industry continues to evolve, the focus on mastering cutting-edge technologies and enhancing global competitiveness will be crucial in driving future success and achieving international recognition.
Read more: Vietnam Software Outsourcing
Source: Vietnam News
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