Vietnam IT revenues up 18% on year to US$72.5 billion in H1/2022

Revenues from Vietnam's information technology (IT) in the first six months of 2022 were estimated at US$72.5 billion, up 17.8% on year, according to the Ministry of Information and Communications (MIC). 

Of the total, revenues from hardware and electronics exports were estimated at $57 billion, rising 16.4% on year, those of computer shipments amounted to $29.1 billion, up 21.8%, while electronic export earnings reached $27.9 billion, increasing 11.2%.

In particular, revenues from Make-in-Vietnam products accounted for nearly 27% of the total, hitting $19.4 billion, the ministry said in its report reviewing the performance of the sector in the first half (H1) of this year and setting out the tasks for H2.

Meanwhile, revenues of the information and communications technology (ICT) reached approximately $77 billion, rising 17% compared to the same period last year. Profit was estimated at $5.9 billion, up 13%, according to the report released on July 18.

This year, the ministry set a revenue target of around $140 billion for the ICT sector, a year-on-year increase of 14%.

VinSmart factory in Hanoi's Hoa Lac Industrial Park. Photo: Vingroup

Regarding the IT landscape, around 3,400 digital technology enterprises were established in the first half (H1) of this year, according to the MIC.

The figure helps make the ministry's target of having 70,000 firms working in this sector in 2022 possible following a sharp rise over the years, from 64,000 in 2021, 58,000 in 2020, and 45,600 in 2019. 

As of end-June, the number of digital technology companies in Vietnam is estimated at 67,300, an increase of 3,422 companies compared to last December.

Vietnam targets to have 80,000 digital technology enterprises by 2025, and 100,000 by 2030. It expects that the industry technology would contribute 6%-6.5% to the country's gross domestic product (GDP) by 2025.