Revenue from the communications and information industry saw a significant drop in the first half of this year due to the difficult global and domestic economic situation, according to the Ministry of Information and Communications.

The Ministry of Information and Communications (MIC) on June 30 held a meeting to review the first-half performance and set tasks for the remaining months of the year.

Startups are deemed unicorns – mainly if not all are technology driven – are those valued at least US$1 billion, and a statistical report says unicorn startups account for less than 0.08% of all startups.

In order to obtain a high ratio of IoT (Internet of Things) device connection density to the population, Vietnam needs to make greater efforts with the cooperation of all technological firms.

Tech giant Apple’s extensive supply chain in China continues to undergo changes following a major contractor recently setting up a new plant in Vietnam, according to South China Morning Post (SCMP).

Vietnam ranks second in Southeast Asia in the number of app downloads with 3.5 billion downloads last year, according to data analytics firm Data.ai.

The sector contribution to the state budget surged by 50.6 per cent over the same period last year.

With major tech giants around the world letting go of tens of thousands of people, an uncertain future is predicted for the Vietnamese human resource market and its own tech industry.

By 2025, the Ministry of Information and Communications expected Vietnam to have 80,000 digital tech firms, meeting at least 50% of digital tech and services from state agencies.

According to the Authority of Information Security (AIS), Vietnam’s information security firms can master 90 percent of product lines but only account for one-third of market value.

While Vietnam’s ICT industry is growing swiftly with increasing international cooperation, new development space is required to be created by anticipated new legal changes.