Believing that the international market has room for Vietnamese tech firms, deputy director of the Authority of Information and Communications Technology Industry Nguyen Thien Nghia said that Vietnam needs to have a more suitable approach.
Deputy director of the Authority of Information and Communications Technology Industry Nguyen Thien Nghia
Making investments and doing business successfully overseas is now realistic for Vietnamese firms, said Trieu Minh Long, director of the Ministry of Infomration and Communications’ (MIC) Department of International Cooperation at a recent workshop, citing FPT and Viettel as examples.
Meanwhile, FPT has found opportunities in markets like Japan and the US.
“No matter which way led them to success, those that entered foreign markets early such as FPT and Viettel have committed to accompany other digital technology firms to enter international markets. Tech firms should feel confident to go abroad,” Long said.
After working sessions with management and foreign affairs agencies of other countries, Long named potential markets for Vietnamese digital technology firms, namely Japan, South Korea, India, the US and Europe.
According to Nghia, Vietnam’s ICT industry has made breakthroughs over the last 15 years, with revenue rocketing from $6 billion in 2009 to $148 billion in 2022.
As production capacity of Vietnam’s software and hardware industries has exceeded the capacity of the domestic market, Nghia said that exporting is the way for development for Vietnamese tech firms.
He said the global technology market has space for Vietnam’s businesses.
“In terms of business process and IT outsourcing, the total value of the global market is $1.8 trillion. If we deduct market share for ‘big techs’ and branded service providers, the remaining part is still valued at $1 trillion. This is an opportunity for Vietnam’s businesses,” Nghia said.
MIC’s key task in 2023 is to help local digital tech-firms do business overseas. A consultancy group that will help digital tech firms go abroad has been set up.
MIC has decided that one of the key tasks of 2023 is supporting Vietnamese digital tech firms which are doing business overseas, or going abroad. A consultancy group that helps digital tech firms go abroad has been set up.