Gurugram, India, February 09, 2019 --(PR.com
)-- Spire was honored to participate at the GATES Vietnam ICT Reseller Channel Summit 2018 as a Research Partner. The Summit was held on 4-6 December, 2018 in Vietnam. Japnit Singh, Deputy Chief Executive Officer at Spire Research and Consulting, shared his insights on Vietnam’s booming ICT sector, focusing on market trends and growth strategies.
Singh discussed the digital landscape in Vietnam for e-commerce, e-payments and government policies for Information and Communications Technology (ICT).
Vietnam’s fast-growing population will boost domestic demand. Vietnam’s middle-class is set to rise to 33 million by 2020. Vietnam’s stock of Foreign Direct Investment (FDI) reached around USD18 billion in 2017; up approximately 11% from 2016.
Revenue from telecommunication services for the first 6 months in 2018 amounted to VND189,948 billion and VND1,026,000 billion for the IT sector.
E-commerce has been on the rise. Facebook website stores are among the top three sales channels in the country and expected to grow further. However, cybersecurity is still a crucial gap, with losses of around VND12 trillion due to cyber-attacks in 2017.
Nonetheless, customers still prefer Cash on delivery (COD) as the preferred payment mode for e-commerce, at 80%.
The government has also put in place policies to promote the ICT sector, including tax, land and other financial incentives for companies and individuals.