The Vietnam ICT market reached approximately USD 10.07 Billion in 2024. The market is projected to grow at a CAGR of 12.60% between 2025 and 2034, reaching a value of around USD 32.99 Billion by 2034.
Base Year
Historical Year
Forecast Year
The Government of Vietnam approved a National Digital Transformation Program which aims to achieve economic and sustainable development through 2025 and can support the growth of the ICT (information and communication technology) sector.
As per industry reports, the overall revenue from the information and communication sector was estimated to be around USD 158 billion in 2023.
As per Vietnam’s Ministry of Information and Communications, there were around 127.207 million mobile subscribers in the country as of September 2022, which creates a lucrative landscape for the ICT sector.
Value in USD Billion
2025-2034
Vietnam ICT Market Outlook
*this image is indicative*
The robust economic growth of Vietnam, the emergence of new information technology startups, and the integration of AI and automated machine learning are some of the prominent Vietnam ICT market dynamics and trends. Automated machine learning has emerged as a crucial driver under which repetitive tasks such as data cleansing can be automated to reduce the burden on the technical team in any organisation.
There is a significant expansion of IoT devices in several end-use sectors such as telecom due to the rising demand for 5G networks. The rise of 5G standalone (5G SA) networks has led to wider coverage and low latency, which enhances the user experience. Furthermore, due to the favourable business environment and the geopolitical location of the country, there has been a surge in domestic and foreign investments in the ICT sector, which can boost the growth of the ICT sector. Additionally, the government is providing favourable conditions for the development of the ICT industry especially by funding new startups in the market. Upcoming technology parks and incubators are also expected to significantly fuel the demand of Vietnam ICT market.
Growth in the number of fintech ventures and startups and the increased awareness about cyber security are expected to shape the Vietnam ICT market value.
The increasing popularity of fintech can be observed in the ICT industry in Vietnam. There are numerous mobile wallets and digital payment options launching in the market which has led to significant change in the financial aspect of the country. Vietnam is currently home to more than 260 fintech startups. Adding to this, banks are also rapidly venturing into the digital landscape by providing a multitude of services online to increase ease of access and convenience for customers.
The rapid growth in information and communication technologies as well as the digital spectrum has led to a drastic increase in cybercrimes. Hence, special attention is given to the security aspect of ICT projects to ensure they are safe from cyber threats. Additionally, the market for cyber security services is also witnessing prominent growth as people understand the importance of anti-virus software and other security features for their electronic devices.
The Ministry of Information and Communications (MIC) licensed the deployment of 5G services in Vietnam in April 2024. Moreover, two telecommunication service providers, Viettel and VNPT, have also got the business licences and permissions required to use the 5G band. These are big steps towards the development of ICT in the country especially with the increased adoption of IoT devices. The presence of 5G will also play a key role in the development of smart cities in the country, there by supporting the ICT demand forecast in Vietnam.
The number of start-ups and businesses in the country is experiencing robust growth which has in turn helped boost the ICT sector. As of August 2024, Vietnam has approximately 9.3k startups and the number is constantly growing. New as well as older businesses are adopting ICT technologies for greater efficiency and to reduce manual labour and human effort required for the execution of various tasks.
“Vietnam ICT Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Industry Vertical
Market Breakup by Region
Based on industry vertical, the market is divided into BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others. The BFSI sector accounts for a substantial market share as it stores a large amount of sensitive financial information which creates ample demand for large data storage. Additionally, banks and financial institutions heavily rely on stringent regulations to ensure the integrity and security of data as well as focus on digital transformation to streamline the operations.
The market players are investing in high-end data storage to gain a competitive edge in the market.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 10.07 Billion.
The Vietnam ICT market is estimated to grow at a CAGR of 12.60% between 2025 and 2034.
The market is estimated to witness a healthy growth during 2025-2034 to reach around USD 32.99 Billion by 2034.
The market is being driven due to robust economic growth of Vietnam, the emergence of new information technology startups, and the integration of AI and machine learning.
The key trends aiding the market include the expansion of IoT devices in several end-use sectors, a surge in domestic and foreign investments in the ICT sector, and a rising focus on cybersecurity.
Regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
Based on type, market segmentations include hardware, software, IT and infrastructure services, and telecommunication services.
Various industry verticals are BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others.
The major players in the market are IBM Corp., Microsoft Corp., Cisco Systems Inc., Google LLC, AT&T Inc., Qualcomm Technologies, Inc., Oracle Corp., Fujitsu Ltd., HP Inc., and Fortinet Inc., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Industry Vertical |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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