Boosting Vietnam’s Global Position with the “Make in Vietnam” Strategy
According to international media, Vietnam’s “Make in Vietnam” initiative is not only promoting local development but is also establishing a stronger global presence for the country.
The information and communication technology (ICT) landscape in Vietnam is changing dramatically, moving from basic outsourcing to the creation of innovative, high-value products that are garnering worldwide recognition.
Channel News Asia pointed out that Vietnam is focusing heavily on technological advancement and innovation, marking it as a rising player in the global ICT and semiconductor sectors.
Big names like Amazon, Samsung, and Lego have chosen Vietnam for their talent and research and development (R&D) initiatives, recognizing the nation’s ability to leverage advanced technology.
Data from the Ministry of Information and Communications shows that in 2024, revenue from Vietnam’s digital technology sector reached about 3.88 million billion VND (around $152 billion), reflecting a growth of 10.9% from $137 billion in 2023.
The number of ICT companies has surpassed 50,000, employing 1.26 million people across various fields including electronic manufacturing, telecommunications, smart devices, software development, digital content, and IT services.
In terms of workforce, hardware manufacturing is the largest segment with more than 900,000 employees, followed closely by software and IT service sectors.
Launched in 2019, the “Make in Vietnam” initiative has spurred local enterprises to prioritize R&D, foster innovation, and enhance domestic production.
This strategy has resulted in a notable growth in the Vietnamese share of ICT revenues, which hit 31.8% in 2024—a 3.1% increase from the previous year.
Approximately 1,500 local tech firms are now tapping into international markets, a testament to the strength of Vietnam’s tech sector and the government’s dedication to creating a favorable environment for tech growth.
OpenGovAsia highlighted successes from the initiative with notable companies such as FPT and Viettel.
FPT, established in 1999, has risen to become a leading global IT service provider, generating $1 billion in software export revenue in 2023, with aspirations to reach $5 billion by 2030.
Viettel, on the other hand, is now a global technology powerhouse, operating in ten countries and dominating six markets. Their international revenue was $3.6 billion in 2023, with around $400 million returned to Vietnam. Their expertise in 5G technology marks Vietnam as one among six countries capable in this field.
Strengthening Vietnam’s Economic Landscape
The “Make in Vietnam” initiative is a vital driver for economic expansion while enhancing the country’s competitiveness on the global stage.
By motivating local businesses to innovate products that fulfill both domestic demands and global market standards, the strategy supports Vietnamese firms in adjusting to international trends and enhancing local innovation.
This initiative has also greatly influenced Vietnam’s burgeoning digital economy, recognized as a critical component in the nation’s economic growth.
Moreover, a well-trained IT workforce plays a pivotal role in the success of this strategy, as professionals exhibit strong technical abilities and adaptability to the fast-paced evolution of global technology.
Collaboration between tech firms and educational institutions has helped equip future workers with necessary skills, bridging the gap between theoretical knowledge and practical application.
As Vietnam enhances its technological prowess, the “Make in Vietnam” strategy is solidifying its role in the worldwide tech landscape.
With promising growth projections, a burgeoning workforce, and an increasing number of tech companies, Vietnam’s ICT sector is poised to be a cornerstone of national economic achievement moving forward.
OpenGovAsia concluded that with ongoing investment in R&D and talent enhancement, Vietnam is not only participating in the global tech arena but is set to take a leading position.