Vietnamese consumers are increasingly going online and consuming more digital content, e-commerce and mobile banking services. The country’s internet economy is expected to grow from USD 13 billion in 2019 to USD 43 billion in 2024. Meanwhile, private companies and the public sector are investing in digitalisation; presenting opportunities for technology solutions providers in many areas including banking and financial services, telecommunications, healthcare, government services, oil & gas.
Opportunities for tech companies are also driven by smart city projects in Hanoi, Ho Chi Minh City, and Danang, involving the application of data analytics, artificial intelligence, the Internet of Things (IoT), 5G and blockchain solutions. The country’s manufacturing sector is also moving towards Industry 4.0 technologies to improve operational efficiency, with IoT in the manufacturing market projected to cross USD 3 billion by 2024. Driving Vietnam's dynamic innovation ecosystem is the country's young and educated population. With a median age of just 30, the country's population offers a large pool of low-cost, high-tech talent.
Public and private sector organisations, retail, manufacturing and smart cities are booming with opportunities for ICT companies. MNCs in Vietnam are implementing data analytics solutions, and smaller SMEs are deploying cloud computing in their businesses to enhance their organisational agility and increase competitiveness. Application of AI in companies has also increased with the boom of e-commerce in Vietnam. Vietnam also offers overseas tech companies the option to build remote tech teams through outsourcing and offshoring.
Indonesia is in its early stages of Industry 4.0 adoption; which presents vast opportunities for Industry 4.0 players to improve Indonesia’s position of being both the demand and supply of production. Key growth areas for Indonesia are the manufacturing, smart cities, retail and finance sectors.
Singapore is the Philippines’ top ASEAN investor and ranks as one of the country’s leading international investor. Many companies see the Philippines as a vital market primarily due to its large English-speaking population. The COVID-19 pandemic is accelerating the adoption of digital technologies in consumer, private and government sectors. Top conglomerates in the Philippines are also focusing their strategies and investments on digitalisation.