In the field of SaaS (Software as a Service), Base (Base.vn) is an outstanding firm with achievements in supporting enterprises to digitize. Established in August 2015, Base is among the pioneers in developing business governance platforms themselves.

Asked about the goals for the Year of the Dragon, Base’s CEO Nguyen Thuong Tuong Minh said the firm would continue to develop product platforms in both width and depth, aiming at solving more questions for enterprises. In other words, the major goal in 2024 is bringing the latest and most advanced technologies and experiences to 800,000 Vietnamese businesses.

According to Garner and IDC, the revenue of the global SaaS market is expected to reach $172.8 billion. The figure is $1.2 billion for Vietnam in 2024, with the CAGR (compound average growth rate) of 29 percent in 2022-2024.

The major driving force of the SaaS market is the increasingly high demand from businesses for in-depth digital transformation. Businesses tend to make bigger investment in SaaS technological solutions, build digital administration spaces, and internal data systems for more comprehensive, concentrated and effective business administration.

200% for Vietnam-made smarthome devices 

Vietnam’s smarthome market remains very young, but the market division is clear. There are Vietnamese firms in every market segment. Great opportunities in the smarthome industry have been opened up for young businesses with R&D (research and development) capability.

Vconnex CEO Nguyen Duc Quy said that 2023 was a challenging year for the smarthome industry, but challenges will require businesses to make thorough preparation and grasp opportunities to rise.

In 2023, Vconnex researched and developed nine new products, with a growth rate of 20 percent.

“We are optimistic about 2024, which will be more explosive as the product range has become diverse and the security and safety of products have been recognized,” Quy said.

He believes that the Vietnamese smarthome market will see breakthrough growth in 2024. The Vietnamese smarthome brands’ difficult period is over. They now have clear development strategies and better branding plans. 

With that perspective, Vconnex targets 200 percent growth rate in 2024 with attention paid to designing products which are safe, secure and economical. Smarthome is not the only business field of Vconnex. With the advantage of mastering the international one standard IoT (internet of things) platform, Vconnex will also run projects on smart factories and smart agriculture, and solve enterprises’ and the state’s questions in digital transformation in anticipation of the new technological wave of AI and 5G.

“We believe that with thorough grasp of technologies and good understanding about local culture, Vconnex can develop  competitive products,” Quy said. 

Competing with Google

The digital world is the new space for economic growth, but the development of technology has posed challenges in ensuring national security, national digital sovereignty and protection of users’ data.

Building digital means and tools that help people access value from the digital environment in a safe and convenient way will play an important role in national digital transformation, digital economy and digital society development.

While the digital world has become the playing field of technology giants, Vietnam is one of the countries that has browsers and a search engine developed by Vietnamese firms.

The Vietnamese developed the Coc Coc browser which now has over 30 million users, while Coc Coc’s search engine has 600 million inquiries each month.

Coc Coc CEO Nguyen Vu Anh said with the firm’s capability in products and technology, Coc Coc will aim to develop its browser and search engine into national digital platforms.

In 2024, Coc Coc will continue to gather strength on generative AI and cooperate with big tech in Europe to develop a Vietnamese speaking LLM (large language model).

The LLM will be integrated into Coc Coc’s search engine and browser, making features really useful, thus bringing the best possible experiences to users.

The recent moves by European countries and the US to perfect the antitrust legal framework bring opportunities for Coc Coc to compete equally with big tech.

Trong Dat