The Military Industry and Telecoms Group (Viettel) topped the list of the 10 most prestigious technology companies in Viet Nam in 2021, according to Vietnam Report JSC.

FPT Group came second in the list, which also includes Mobifone, Vinaphone, CMC Corp, VNG, HANEL, Vietnam Technology & Telecommunication JSC (VNTT) and Hanoi Telecom.

According to Vietnam Report’s general director Vu Dang Vinh, COVID-19 has driven businesses toward digital transformations as well as to invest in technology, creating great opportunities for technology companies.

He said that digital transformations may become even more common when customers realise the benefits of the process particularly in reducing costs and increasing productivity.

Vinh cited a survey by Vietnam Report in March 2021, which showed the ICT was among the top seven sectors with the highest growth potential in the next three years.

The Vietnam Report also pointed out major development trends in the ICT industry, including mobile money, 5G network, artificial intelligence (AI), cloud computing, mobile web applications, fixed broadband internet, anywhere operations, and outsourcing.

Mobile money, if licensed and implemented on a large scale, would create a major impetus for consumers and small and medium–sized enterprises.

Statistics of the Vietnam Digital 2021 report showed that there were more than 154.4 mobile subscribers in Viet Nam, which was regarded as a big opportunity to make mobile money a reality. However, the Vietnam Report noted that it was necessary to enact regulations to prevent overlaps between banks and mobile money services providers.

The development of 5G networks would give a major push to ICT development, which would accelerate the progress and efficiency of digital transformations on a large scale.

Technology companies had significant opportunities for development, and have been given a push by COVID-19 coupled with a high percentage of Internet and technology products and services users.

Challenges local ICT companies face, the Vietnam Report said, are market saturation, limited conditions for research and development, a shortage of quality human resources, and a lack of support policies and regulations.

The Vietnam Report’s survey found that technology companies were putting the focus on improving human resource quality, increasing research and development, enhancing management systems, competitiveness and customer care services.

The Ministry of Information and Communications’ statistics showed that the ICT industry earned a revenue of US$120 billion in 2020. — VNS