According to the Ministry of Information and Communications (MIC), revenue from the ICT industry in Q3 reached VND2.55 quadrillion, or $109.5 billion, an increase of 13 percent over the same period last year. 

Ninety percent of total revenue of the industry is from hardware and electronics (VND2.27 quadrillion, or $97 billion). Revenue is equal to 74 percent of the yearly business plan ($148 billion).

Statistics show that export value of hardware and electronics saw a 13 percent growth rate compared with the same period last year.

Meanwhile, export value of computers and computer components reached $43.1 billion, which meant a growth rate of 17.9 percent, while phone and phone accessories grew by 5.6 percent with the estimated value of 43.3 billion. The majority of hardware and electronic exports were from the foreign invested sector, which accounted for 90 percent.

The revenue from the field is expected to see strong growth, because the months from now to the end of the year are the high season, when FIEs increase capacity and exports to fulfill orders. The ministry estimates that from now to the end of the year, Vietnam will gain revenue of VND3.55 quadrillion, or $152 billion, exceeding the yearly business plan by 2.7 percent.

Under Vietnam’s digital technology development strategy by 2025 with a vision towards 2030, Vietnam would have 80,000 digital technology firms by 2025.

So far, Vietnam has 68,000 digital technology firms, which is close to the target of 70,000 firms by 2022.

Digital technology firms account for a small proportion of the total revenue of the industry, but leading technology firms have made great efforts in researching, developing and manufacturing devices.

It is expected that by the end of this year, Vietnam would have 1,400 more digital technology firms, raising the total number of firms to 70,200 in accordance with the roadmap on Vietnam’s digital technology industry to 2025.

The MIC is about to complete the dossier asking for a Law on Digital Technology Industry and a law and ordinance compilation program in 2023.

Duy Vu