Vietnamese firms on better footing in cyber security market
The Vietnamese cyber security market, which was previously flooded with solutions developed by foreign businesses, have become more balanced, and domestic firms are tend to be on a better footing.
Hanoi (VNA) – The Vietn🍸amese cyber security market, which was previously flooded with solutions developed by foreign businesses, have become more bඣalanced, and domestic firms are tend to be on a better footing.
According to the Authority of Information Security under the Ministry of Information and Communications, the ratio of Vietnamese-developed information security and cyber security products’ types in the domestic market rose to 91 percent in 2020 from only 5 percent in 2015. The figure is estimated at 100 percent in 2021.
Meanwhile, the ratio of revenue from the products of Vietnamese firms compared to that of their foreign peers also increased from 18 percent in 2015 to 45 percent in 2020 and is expected to hit more than 50 percent in 2021 and over 70 percent in 2025.
Particularly, Vietnam is among few countries that have developed an ecosystem of domestic cyber security and safety products to become self-reliant in cyber security and safety technologies and solutions.
Minister of Information and Communications Nguyen Manh Hung underlined that the mission of Vietnam's cyber security and safety is to protect the country’s prosperity on the cyber space. The target is making Vietnam a strong country in cyber security and safety that can export cyber security products and services to other countries in the region and the world, he said.
In 2025, the ratio of home-grown cyber security solutions and product types is expected to reach 100 percent, while the revenue growth rate of Vietnamese businesses is expected to reach 35-45 percent per year.
Alongside, the Vietnamese cyber security market size is projected to hit over 500 million USD, with local firms holding more than 50 percent of the market share. In the year, Vietnam is hoped to enter the top 30 countries in the world in Global Cybersecurity Index (GCI) and top three in ASEAN.
Statistics from the Ministry of Information and Communications showed that currently, the ratio of investment in cyber security in Vietnam remains low at about 5 percent of the total investment in information technology, far behind the average ratio of other countries at 15-20 percent. The ministry is striving to raise the figure to about 20 percent./.
Vietnam recorded more than 3,900 cyberattacks in the first seven months of 2021, according to the Authority of Information Security (AIS) under the Ministry of Information and Communications.
The Ministry of Information and Communications (MIC) has rolled out a campaign to detect security loopholes on COVID-19 prevention and control tech platforms.
Minister of Public Security Gen. To Lam held online talks with Singaporean Minister for Communications and Information and Minister-in-charge of Smart Nation and Cybersecurity Josephine Teo on October 11.
The Vietnam Security Summit 2021 will be held via videoconference on October 27-28, with the participation of about 800 delegates across various fields.
The State Bank and the Ministry of Transport led ministries and ministry-level agencies in the cyber security readiness rankings in 2020, which were released by the Ministry of Information and Communication (MIC)’s Authority of Information Security on October 27 as part of the Vietnam Security Summit 2021.
As Vietnam’s digital transformation accelerates, both the frequency and severity of cyberattacks are growing. The National Cybersecurity Association (NCA) reported that in 2024 alone, there were some 659,000 separate cybersecurity incidents, impacting around 46.15% of government agencies and businesses.
A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
Ambassador Nguyen Minh Vu laid stress on the significance of the Hanoi Convention, particularly to the Asia – Pacific, to handling legal gaps in international cooperation against rapidly increasing global cybercrime.
The week features a rich lineup of activities, including a plenary conference on blockchain and AI development, thematic seminars on future technology trends and investment visions, applications of blockchain and AI in business, the Super Vietnam PitchFest, as well as forums for blockchain and AI.
According to the Politburo’s Resolution No. 57-NQ/TW, dated December 22, 2024, on making breakthroughs in the development of science, technology, innovation, and national digital transformation, this is considered a decisive factor in the development of nations. It is seen as a prerequisite and the best opportunity for Vietnam to become prosperous and powerful in the new era of the nation’s rise.
Vietnam’s demographic advantage, including a youthful population of 100 million in a “golden age”, further bolsters its ambitions. Its dynamic workforce, with a natural inclination toward science, technology, engineering, and math (STEM), is a key asset in attracting private investment to innovation-driven sectors.
Illustrative image (Source: vneconomy.vn)
