On September 21, 2024, the Vietnam Software and IT Services Association (VINASA) announced the TOP 10 outstanding Vietnamese Digital Technology Enterprises of 2024 for the 11th time.
VINASA representatives shared that in 2024, to support Vietnamese information technology enterprises to reach a wider range of potential customers in various fields, especially in priority digital transformation sectors and specific business fields, honor enterprises with new technological capabilities following industry trends; and promote the development of digital technology enterprises, the Program adjusted its structure in terms of the fields for consideration.
Specifically, eight groups were adjusted to 28 fields, including one special review group. This year, ESG criteria are a plus for businesses.
VIETNAM’S DIGITAL TECHNOLOGY ENTERPRISES REVENUE INCREASED BY NEARLY 18%
The Council unanimously selected 81 nominations from 56 well-deserved businesses for the Top 10 Vietnamese Information Technology Enterprises of 2024 across 22 fields, including 11 nominations for thousand-billion-dong digital technology enterprises.
According to statistics, the annual revenue of 4/13 enterprises in the list of thousand-billion-dong digital technology enterprises this year are famous Vietnamese information technology service providers for global partners.
The TOP 10 outstanding digital technology enterprises this year have a revenue of more than 4.7 billion USD and create jobs for more than 75,000 laborers. These are reputable enterprises that not only achieve great revenue achievements, possess excellent technological capabilities, provide professional services, but also pay attention to ESG and sustainable development.
According to VINASA, when the Top 10 Outstanding Vietnamese Digital Technology Enterprises program was first held (in 2014), only 30 enterprises were selected in two fields of software production and export processing. The revenue of the entire Vietnamese information technology industry at that time reached only 34 billion USD.
However, after 10 years, the industry’s revenue has increased more than 4.5 times, reaching over 150 billion USD, contributing 14.4% to the country’s GDP. This is clear evidence of the remarkable development of Vietnam’s information technology industry, with the active participation of digital technology enterprises in building and developing the digital economy, digital society, and digital government in Vietnam.
Sharing this, a representative of the Department of Information Technology Industry and Electronic Communications, Ministry of Information and Communications, evaluated that in the context of the world economy continuing to face many difficulties and challenges, the field of Vietnam’s digital technology industry still achieved remarkable results.
Accordingly, the revenue of Vietnam’s digital technology industry in the first nine months of 2024 reached 118 billion USD, up 17.78% over the same period in 2023; of which, revenue from software and digital industry services activities was 6.64 billion USD, up 9.86% over the same period last year.
The community of Vietnamese digital technology enterprises has gathered more than 51,000 enterprises, creating jobs for over 1.5 million people, including about 1,500 digital technology enterprises with revenue from foreign markets. Software and digital industry services activities are one of the competitive advantages of Vietnamese enterprises domestically and internationally, contributing to putting Vietnam on the world map of the digital industry.
Vietnamese digital technology enterprises have been and are united, joining hands with the Government and the Ministry of Information and Communications to thoroughly exploit the opportunities brought about by digital technology; design and create digital applications, promote digital transformation, build e-government, and develop the digital economy and digital society.
THE GROWTH FORMULA OF MANY DIGITAL TECHNOLOGY ENTERPRISES
Looking back at the results of 2023, Vietnamese digital enterprises still recorded impressive revenue growth.
In the field of software export and information technology services, revenue growth in 2023 was 10-40% compared to 2022, typically GEM with a growth rate of 80-100% for many years, Techvify increased by 140%, NTQ Solution with a growth rate of 37.15%, and VMO Holdings with a growth rate of 41.33%.
The biggest highlight from the international market is that besides maintaining a high growth rate, Vietnam has had an enterprise with revenue of over 1 billion USD from the international market, FPT Software, with a growth rate of 27%.
Mr. Ngo Dien Hy, Vice Chairman of VINASA, believes that the sustainable development of Vietnamese digital technology enterprises is based on the ownership, development, and application of advanced technology, and the development of a force of excellent information technology engineers and experts.
According to Mr. Hy, the growth formula of many digital technology enterprises in the past time has been to invest heavily in R&D and apply AI tools such as OCR, Chatbot, Code Converter, Code Generator, and Test automation to increase labor productivity, speed up product packaging, and optimize resources to create growth in both revenue and profits.
Digital technology enterprises serving the domestic market also recorded strong investments in the development and application of AI. AI applications are being popularized to individuals, organizations, and enterprises.
Also, according to VINASA, Vietnam is considered the next economy in Asia to have the opportunity to become one of the global centers for the development of the semiconductor industry, along with South Korea, Taiwan-China, and Japan. In fact, Vietnam is quickly becoming the “rising star” of the global semiconductor market, with many advantages and cooperation opportunities.
In addition to development strategies such as attracting foreign direct investment, technology cooperation and R&D, and human resource training cooperation, Vietnamese digital technology enterprises are pioneering in developing the semiconductor industry.
Typically, FPT with the “Chip Made by Vietnam” product and MKSmart with the chip operating system and security system are the leading enterprises in forming the ecosystem of Vietnam’s semiconductor industry. Some other enterprises are starting to cooperate in chip design, development, application, and testing.
In addition, digital technology enterprises are pioneering in Go Global, pioneering in developing advanced technologies and products with “Make in Vietnam”, digital transformation, and intelligent organization and enterprise.
To maintain the development pace and ensure the sustainable development of the economy, Vietnam has been and is identifying new methods and new driving forces for the economy.
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