In addition to outsourcing, what is the IT industry in Vietnam doing?

The report ” Vietnam IT Landscape 2019 ” announced by TopDev said that in addition to processing, the IT industry in Vietnam has strongly developed with 7 new directions.

Financial technology (Fintech)

However, compared to other countries in the region, the amount of Fintech in Vietnam is still modest. According to incomplete statistics, in the period of 2017-2018, Singapore had more than 490 Fintech companies, Malaysia had 196 companies, Indonesia had 262 companies. Solidiance experts predict that by 2020, the Fintech Vietnam market will reach USD 7.8 billion. Since 2015, Fintech startups thrive in Hanoi and Ho Chi Minh City. Some Fintech has contributed to the world map like Momo in the Top 100 Global Fintech and Money Lover is the leading application of spending management.

Block chain technology (Blockchain)

This is the ‘solution’ technology for transparency, which is difficult to achieve in the old Internet world, where data and authority are concentrated in some organizations. “With a strong engineering force, hard to learn and ready to receive new opportunities, Vietnam is considered one of the emerging Blockchain Hubs in the region”, TopDev commented.

The majority of Blockchain Vietnam’s products are directed to the global market. Some prominent names such as OmniLabs, IBL, Lina, Nexttech, Umbala Network … According to Infinity Blockchain Labs, there are more than 430,000 open source projects and 800 large and small start-up companies in the world operating on the Blockchain platform.

Artificial intelligence (AI)

Businesses have products that come to life, get big or high-income capital, including FPT.AI, ELSA, QRM, Hana.ai, CyRadar, GotIt … Most recently, VinGroup also joined this market with the establishment of AI Institute – VinAI Research (under VinTech Company). With the development of platforms such as OpenAI, OpenCV, TensorFlow, Caffe … the problem of algorithms is no longer too difficult. The rest is whether the data is big enough and the quality for AI to work or not.

TopDev said that more than 73% of technology companies are intending to apply AI to their products. This also makes the demand for AI engineers at an alarming level.

Service software (SaaS)

SaaS (Software as a Service) is predicted by many experts to create a new trend in businesses in Vietnam. According to a survey by BetterCloud, by 2020, about 73% of businesses will switch to using SaaS full time. SAAS is leading the B2B Tech field in many countries but in Vietnam it is still not being exploited in the best way, opening many “martial arts land” for startups in this field.

Currently using SAAS is much easier than traditional software. The market has both tens of years of experience such as Misa, and young startups such as Base, Cloudjet, Vexere … with thinking of making modern products and applying new technologies.

E-Commerce (E-Commerce)

In addition to familiar businesses such as Lazada, Shopee, Sendo, Tiki, etc., it is possible to mention names that are quite popular in recent times. The latest data from the E-Commerce Department and the Digital Economy issued at the end of September 2018, Vietnam’s e-commerce revenue in 2017 reached USD 6.2 billion, up 24% over the same period. last year. Therefore, Vietnam’s e-commerce is considered by many investment experts to be attractive with a scale of 10 billion USD in 2020.

Marketplace Platform

Platform can be roughly divided into 2 branches including transaction platform (transaction platform) used to optimize transactions between users and service providers (Uber, Grab, Go-Jek, Amazon , Ebay …) and creative platform (innovation platform) is the foundation for developing, supporting business models, creating ecosystems (App Store, Google Play …).

It can be mentioned that the 5 largest platforms in the world today are Microsoft, Oracle, Intel, SAP and Salesforce valued at up to 911 billion USD. Meanwhile, the integration platforms between transaction and creativity like Apple, Google, Facebook, Amazon, Alibaba and XiaoMi are worth up to 2,000 billion USD.

In Vietnam, trading platforms are growing. Fierce competition is the foundation of e-logistics, ie, car call, delivery, with ‘brother’ like Grab, Go-Viet, FastGo, Be, Now, AhaMove … Other areas such as life and health Business also has units such as Jupviec, eDoctor, Luxstay, Homedy, Chili …

Educational Technology (EdTech)

Up to now, the EdTech market in Vietnam has received an investment of about 55 million USD. TopDev’s preliminary statistics, there are about 50 outstanding EdTech companies. The market has some long-standing names like Topica while EdTech is still in its infancy. “With just under 5% of the public employees using one of the online education services, Edtech shows that there is still a large market waiting to be explored,” TopDev said.

Source : VnExpress