The stock market on January 15th witnessed an unexpected surge in technology and telecommunications stocks, despite the VN-Index dropping nearly 30 points. ELC and CMG hit their upper limits with no sellers, while VGI and FOX also saw significant gains.
Notably, VGI reached a new peak after a 80% increase since the beginning of 2026, pushing its market capitalization above 380 trillion VND. ELC also gained attention by climbing to its highest level in 10 months, since March 2025. In contrast, FPT fell by 1.3%, a lone downturn amidst the technology and telecommunications rally.
KBSV forecasts a recovery in global IT spending for 2026, driven by: i) cost-saving trends and reduced large expenditures as businesses focus on production recovery and AI, ii) prioritization of cost-effective technology solutions. Gartner predicts a 9.8% growth in IT spending for 2026.
Given its close economic ties to global trade, the Asia-Pacific region is poised to lead growth post-tariff tensions. Additionally, manufacturing returns to the US will further boost digital transformation investments. In Europe, expansion of renewable energy capacity will be the primary driver for single-digit spending growth.
SSI Research’s 2026 strategy report aligns with this view, highlighting digital services spending as the key driver in Asia-Pacific. Many countries in the region still have significant room for digital transformation compared to developed economies. Vietnam, with its national digital economy strategy, remains a cornerstone for technology and telecommunications demand from both public and private sectors.
Similarly, VNDirect anticipates stable IT spending in 2026, fueled by demand for software and IT services. Segments like generative AI, cloud services, cybersecurity infrastructure, and data analytics are expected to see higher spending growth compared to traditional technology sectors. Spending on data centers and hardware will maintain positive growth, though at a slower pace after the high baseline of 2025.
VNDirect also notes that Asia-Pacific is projected to lead digital transformation in 2026, while developed markets like Japan and Europe lag in upgrading legacy IT systems. This creates opportunities for digital transformation service providers in the region, with Vietnam positioned advantageously due to political stability, low infrastructure costs, and an improving legal framework.
Furthermore, Vietnam’s Digital Technology Industry Law marks a significant milestone in its ambition to become a global technology manufacturing hub. The global context also positions Vietnam favorably for data center development.
KBSV assesses that, in the short term, high barriers to entry due to limited energy supply present opportunities for existing data center operators to increase occupancy rates. Long-term competitive development and operational costs will continue to attract investment in this sector.
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