According to Ministry of Information and Communications (MIC), the total revenue of ICT industry in 2021 reached USD 136 billion, equivalent to a compound growth rate (CAGR) for the period 2016-2023 of 14.14%. We forecast that the total revenue of the ICT industry will exceed USD 170 billion in 2023 with growth in all segments.
Historical data showed the growth rate of Software and IT services in Vietnam is almost double that of spending on IT industry globally. It is expected that this trend will continue in the near future when Vietnam is one of the countries that decide IT as a key industry. In addition, Vietnam is also a country with a large and skilled IT engineer force.
The number of companies operating in these Software, Digital & IT service with a CAGR in the period 2016-2020 is at 16%. MIC expected the number of companies in this industry will increase by more than 100% by 2025.
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