Revenues of Vietnam’s software and IT services hit US$9 billion

The country is ranked among the five most attractive economies in terms of software export services.

Vietnam’s software and IT service industry has recorded revenues of about US$9 billion per year, according to a report by the Vietnam Association for Software and Information Technology Services (Vinasa) on April 27 on the occasion of the 18th anniversary of its establishment.

Photo: ICTNews

The software and IT services have so far grown 180 times in the past two decades, of which software export revenues reached over US$ 3.7 billion. The industry employs a total workforce of nearly 300,000. Vietnam is second largest partner of Japan - one of the three largest importers for IT services in the world.

According to the Vinasa, the industry earned roughly US$50 million in 2002 when the organization was founded with 55 members. It now has nearly 400 members that include major IT businesses namely FPT, CMC, MISA, VNG, TMA, Viettel, VNPT, KMS. They represent 65% of the workforce and 70% of the industry’s total revenue.

The Covid-19 pandemic has inflicted serious damage on economies across the globe. Measures to prevent its spread including social distancing enhance the need to work from home and to shift all activities of businesses, economic organizations or socio-political to digital platforms.

The pandemic, despite the havoc it is wreaking on the economy and businesses, it is also opening up golden opportunities for digital transformation activities in Vietnam.

Chairman of the Vinasa Truong Gia Binh expected that every enterprise would quickly adapt to the new circumstances to overcome difficulties through applying new technologies.