The Vietnam ICT market size was valued at USD 11.37 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 40.32 Billion by 2033, exhibiting a CAGR of 13.6% during 2025-2033. The rapid digital transformation, the shift toward remote work, the rollout of 5G networks, the increasing frequency and sophistication of cyber threats, the rising need to protect sensitive data and infrastructure, and the growth of e-commerce and the shift toward digital payments are some of the key factors contributing to the growth of the Vietnam ICT market share.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 11.37 Billion |
Market Forecast in 2033
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USD 40.32 Billion |
Market Growth Rate 2025-2033 | 13.6% |
The market is growing steadily due to strong government support for digital transformation, particularly in areas like e-governance, digital infrastructure, and smart cities. The rising demand for cloud services, cybersecurity, and enterprise software is being driven by the private sector’s shift toward digital tools. A young, tech-savvy population is accelerating growth in e-commerce, fintech, and online entertainment. Vietnam is also attracting global attention as a manufacturing and technology outsourcing destination, supported by skilled labor and competitive costs. Foreign investment is rising in electronics, semiconductors, and telecom infrastructure. Ongoing improvements in internet connectivity and data center development are making Vietnam a more attractive base for digital services and regional operations. Overall, public policy alignment, private innovation, and global integration are shaping the sector’s momentum.
Vietnam is becoming a preferred destination for digital collaboration, with a strong supply of tech professionals and growing expertise in emerging technologies. Its expanding role in areas like AI, blockchain, and IoT is drawing attention from global players seeking reliable partners for innovation and scalable software development. For instance, in September 2024, the Vietnam ICT Service Conference in Hong Kong highlighted Vietnam’s growing tech sector as a solution to talent shortages. With 57,000 IT graduates annually, Vietnam is emerging as a key digital partner. Over 200 firms, including MOR Software and AMELA Technology, showcased strengths in AI, blockchain, and IoT, reinforcing Vietnam’s role in global ICT collaboration.
Widening Scope of Digital Adoption
Digital services are becoming more embedded in everyday life across Vietnam, reshaping how people work, shop, communicate, and access services. Online platforms are gaining traction across sectors, supported by growing internet access and a younger, tech-savvy population. As businesses and institutions shift toward digital-first approaches, there’s a broader move toward integrated systems, cloud-based tools, and mobile solutions. This shift is also prompting upgrades in infrastructure and a stronger push for innovation. The momentum signals a deepening reliance on digital channels, setting the stage for more connected and technology-driven experiences in the coming years. According to the International Trade Administration, Vietnam’s digital economy is projected to reach approximately USD 45 Billion by 2025 and could grow to between USD 90 Billion to USD 200 Billion by 2030.
Expanding Digital Participation and Innovation
Based on the Vietnam ICT market outlook, digital connectivity in Vietnam continues to deepen, with a growing share of the population actively online. Government-backed programs are playing a key role in encouraging broader adoption of digital tools and services. The focus on national digital transformation is prompting investment in online infrastructure, regulatory support, and digital literacy. This environment is also energizing local start-ups, especially in areas like financial services, online retail, and digital learning. With strong institutional backing and rising user engagement, digital platforms are becoming more integrated into everyday life, enabling new models of service delivery and business development across the country. For example, Freedom House reported that, at the start of 2024, Vietnam’s internet penetration rate stood at 79.1%. Government support through initiatives like the "National Digital Transformation Program" and a thriving start-up ecosystem fosters innovation in fintech, e-commerce, and edtech.
Rising Demand for Digital Infrastructure and Payments
The growth of online commerce in Vietnam is driving greater focus on strengthening digital systems and transaction security. As more consumers turn to digital platforms for shopping and services, the need for reliable internet connectivity, efficient data handling, and user-friendly payment gateways has become more pronounced. This shift is encouraging investment in ICT infrastructure, including cloud services, cybersecurity, and integrated logistics technologies. Businesses and service providers are adapting quickly to meet evolving digital expectations, signaling a broader push toward seamless, secure, and scalable digital operations that can support increasing online activity across sectors. For instance, the e-commerce sector in Vietnam reached a market value of USD 25 Billion in 2024, highlighting the need for robust ICT infrastructure and secure payment solutions.
IMARC Group provides an analysis of the key trends in each segment of the Vietnam ICT market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on type and industry vertical.
Analysis by Type:
Based on Vietnam ICT market forecast, the hardware segment is expanding due to rising demand for consumer electronics, enterprise computing systems, and telecommunications infrastructure, supported by foreign investments in local manufacturing. The government’s push for digital transformation in education, healthcare, and public services has further accelerated this growth. On the software side, demand for enterprise solutions, cloud services, and cybersecurity tools is increasing, driven by digitalization among small and medium enterprises and the fintech boom. Vietnam’s focus on smart cities and e-government platforms also fuels software adoption. Together, these segments are creating a balanced demand across ICT infrastructure and solutions, making them central to the market’s upward trajectory.
Analysis by Industry Vertical:
The BFSI segment is rapidly adopting digital banking, mobile payments, and AI-driven financial services to meet the rising demand for contactless and efficient transactions. This shift is fueling investment in secure cloud infrastructure, analytics, and cybersecurity. Meanwhile, the IT and Telecom sector is expanding with growing internet penetration, 5G rollout, and increased demand for data centers and network upgrades. The surge in remote work and digital platforms has further accelerated ICT spending in these sectors. Their combined push for modernization and service innovation is boosting demand for ICT solutions, making them central contributors to the market’s ongoing expansion.
Regional Analysis:
Northern Vietnam, especially Hanoi, benefits from strong government support, a concentration of tech startups, and major public investments in smart city initiatives and digital infrastructure. The presence of numerous universities and research institutes also supports a skilled workforce pipeline. Central Vietnam, led by cities like Da Nang, is emerging as a technology hub with a growing number of IT parks and software export zones. The region is attracting both domestic and foreign firms due to its favorable business environment and improved connectivity. Together, these regions are fostering digital adoption, infrastructure expansion, and tech innovation, significantly contributing to the Vietnam ICT market growth.
Vietnam's ICT sector is experiencing significant momentum, driven by government-led digital transformation programs and a surge in private sector innovation. Key developments include the establishment of AI research centers, expansion of 5G infrastructure, and increased focus on cloud computing and cybersecurity. Collaborations between domestic and international entities are fostering advancements in areas like fintech, e-commerce, and smart city technologies. Government initiatives are also promoting the integration of emerging technologies such as AI and IoT across various industries. Among these activities, partnerships and collaborative agreements are particularly prevalent, serving as a common practice to accelerate technological adoption and innovation in the market. The report provides a comprehensive analysis of the competitive landscape in the Vietnam ICT market with detailed profiles of all major companies.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Types Covered |
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Industry Verticals Covered | BFSI, IT and Telecom, Government, Retail and E-commerce, Manufacturing, Energy and Utilities, Others |
Regions Covered | Northern Vietnam, Central Vietnam, Southern Vietnam |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 9-11 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
The ICT market in Vietnam was valued at USD 11.37 Billion in 2024.
Vietnam ICT market is expanding due to rising digital transformation in government and enterprises, growth in e-commerce and fintech sectors, strong smartphone and internet penetration, increasing foreign investment, and proactive government policies supporting 5G, cloud computing, and smart city initiatives.
The ICT market is projected to exhibit a CAGR of 13.6% during 2025-2033, reaching a value of USD 40.32 Billion by 2033.