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Vietnam IT sector grows 9% in January-October

Alex Chen, Taipei; Yusin Hu, DIGITIMES 0

Foreign investors dominate the IT sector in Vietnam. Credit: DIGITIMES

In the first 10 months of 2021, Vietnam's IT sector generated VDN2,560 trillion (US$112.78 billion), 9% higher than the same period in 2020. Local Vietnamese IT firms accounted for 11% of the revenue, or VDN292 trillion, according to Vietnamnet.

Electronics and hardware accounted for nearly 90%, or VDN2270 trillion.

For the third quarter alone, the IT sector grew 26.8% sequentially.

Vietnam's IT sector is growing fast as the country transitions from low-end tech manufacturing to more of a service-oriented economy. Foreign investment from electronics and component manufacturing has dominated the IT sector. In the future, FinTech, AI, e-commerce, software outsourcing, and EdTech are expected to drive growth further.

Vietnam also has the capacity to produce 5G infrastructures and 5G phones. Local telecom operators produce 70% of the telecom devices for domestical use and aim to export them.

According to an IT sector report released by Vietnam Credit, the telecom sector in Vietnam is making deployments for 5G. Viettel, Vinaphone, and Mobifone, the three largest telecom operators in Vietnam, are focusing on developing 5G devices, including network devices and terminal devices.

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