The "Make in Vietnam" strategy is not only driving domestic growth but also laying the groundwork for Vietnam to enhance its international standing, according to foreign media.

Vietnam’s ICT sector transforms into an innovation hub

Vietnam's information and communication technology (ICT) sector is undergoing a significant shift, evolving from a focus on outsourcing and assembly to creating high-value, innovative products that are drawing global attention.

Channel News Asia highlighted Vietnam’s strong emphasis on technology and innovation, positioning the country as an emerging force in the global ICT and semiconductor industries.

Vietnam has become a magnet for talent and research and development (R&D), attracting global giants such as Amazon, Samsung, and Lego, all of which have established a presence to leverage Vietnam’s modern technological potential.

According to the Ministry of Information and Communications, Vietnam's digital technology enterprises generated approximately 3.88 million billion VND ($152 billion) in revenue in 2024, marking a 10.9% increase from $137 billion in 2023.

The sector now boasts over 50,000 ICT companies employing 1.26 million workers, operating in areas such as electronic device manufacturing, telecommunications, smart devices, software, digital content, and IT services.

Hardware manufacturing leads in workforce size with over 900,000 employees, followed by software companies and IT service providers.

The "Make in Vietnam" strategy fosters innovation and global competitiveness

Since its introduction in 2019, the "Make in Vietnam" initiative has encouraged domestic companies to focus on R&D, innovation, and local production.

This strategy has significantly increased the share of Vietnamese value in ICT industry revenues, reaching 31.8% in 2024 - a 3.1% rise from 2023.

Around 1,500 Vietnamese tech companies now generate revenue from international markets, demonstrating the resilience of Vietnam’s local tech industry and the government’s commitment to fostering a supportive environment for technology-driven growth.

OpenGovAsia cited examples of Vietnamese companies thriving under this initiative, including FPT and Viettel.

FPT, which started in 1999, has become a global IT services leader, achieving $1 billion in software export revenue in 2023 and aiming for $5 billion by 2030.

Meanwhile, Viettel has emerged as a global technology giant, operating in 10 countries and leading in six markets. Its international revenue reached $3.6 billion in 2023, with nearly $400 million repatriated to Vietnam. Viettel’s advancements in 5G chipsets and telecommunications equipment have positioned Vietnam as one of only six countries mastering 5G technology.

Strengthening Vietnam’s global presence through technology

The "Make in Vietnam" initiative serves as both a growth engine for the domestic economy and a platform for Vietnam to enhance its global competitiveness.

By encouraging companies to develop products that meet local needs while remaining globally competitive, the strategy creates a dual focus that helps Vietnamese businesses adapt to international market demands and drive domestic innovation.

The initiative has also contributed significantly to Vietnam’s digital economy, a key growth driver for the country.

Vietnam’s skilled IT workforce is another cornerstone of the strategy’s success. Workers in the sector are highly trained, not only excelling in technical skills but also adapting to the rapidly evolving global technology landscape.

Collaborations between technology companies and academic institutions have further equipped future workers with advanced skills, bridging the gap between academic knowledge and real-world industry needs.

As Vietnam continues to strengthen its technological capabilities, the "Make in Vietnam" strategy is helping solidify the country’s position within the global tech ecosystem.

With robust growth forecasts, an expanding workforce, and a rising number of digital technology companies, Vietnam’s ICT sector is set to remain a key pillar of the nation’s economic success in the years ahead.

“Through sustainable investment in R&D and talent development, Vietnam is not just participating in the global tech landscape but is poised to lead,” OpenGovAsia predicted.

Du Lam