Apart from outsourcing, what are the trends in the IT industry in Vietnam?
In addition to software outsourcing, the IT industry in Vietnam has flourished with 7 new directions.
Financial technology (Fintech)
Solidiance experts predict that, by 2020, the Fintech Vietnam market will reach 7.8 billion USD. Since 2015, Fintech startups thrive in Hanoi and Ho Chi Minh City. Fintech has been on the world map like Momo in the Global Top 100 Fintech and Money Lover is the leading spending management application.
However, compared to other countries in the region, the amount of fintech in Vietnam is still modest. According to incomplete statistics, in the period 2017-2018, Singapore had more than 490 Fintech companies, Malaysia had 196 companies, Indonesia had 262 companies.
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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 force of engineers, hard to learn and ready to take new opportunities, Vietnam is considered one of the emerging Blockchain Hubs in the region.
The majority of Vietnamese Blockchain products are aimed at the global market. Some prominent names such as OmniLabs, IBL, Lina, Nexttech, Umbala Network … According to Infinity Blockchain Labs, there are currently more than 430,000 opensource projects and 800 large and small startups in the world operating on the Blockchain platform.
Artificial intelligence (AI)
With the development of platforms like OpenAI, OpenCV, TensorFlow, Caffe … the problem of algorithms is not too difficult. The rest is whether the data is large enough and high enough for AI to work.
Enterprises with products that come to life, receive large capital or have high revenue can be mentioned as FPT.AI, ELSA, QRM, Hana.ai, CyRadar, GotIt … Most recently, VinGroup also entered this market with the establishment of the AI-VinAI Research Institute for Artificial Intelligence (under VinTech Company).
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 rate.
Software as a Service (SaaS)
SaaS (Software as a Service) is predicted by many experts to create a new trend in businesses in Vietnam. According to BetterCloud’s survey, by 2020, there will be about 73% of businesses turn to SaaS full time. SAAS is leading the B2B Tech field in many countries but in Vietnam, it has not been exploited in the best way, opening many “martial arts land” for startups in this field.
Currently using SAAS is a lot easier than traditional software. The market has both businesses with decades of experience like Misa, and fledgling startups such as Base, Cloudjet, Vexere … with the mindset of making modern products and applying new technologies.
According to the latest figures from the Department of E-Commerce and Digital Economy released at the end of September 2018, Vietnam’s e-commerce revenue in 2017 reached US $ 6.2 billion, up 24% compared to the previous year. same period last year. Therefore, Vietnam e-commerce is considered by many experts to be attractive with a predicted scale of US $ 10 billion by 2020.
In addition to familiar businesses such as Lazada, Shopee, Sendo, Tiki … it is possible to mention well-known names in recent times Ecomobi, iFind, Zody, Jamja, Accesstrade, Massoffer, Wisepass, Websosanh …
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The platform can be roughly divided into two branches, the transaction platform used to optimize transactions between users and service providers (Uber, Grab, Go-Jek, Amazon, eBay …) and innovation platform (foundation platform) is the development platform, supporting business models, creating ecosystems (App Store, Google Play …).
These are the five largest platforms in the world today: Microsoft, Oracle, Intel, SAP, and Salesforce valued at up to US $ 911 billion. In comparison, innovative and transactional platforms like Apple, Google, Facebook, Amazon, Alibaba and Xiaomi are worth up to US $ 2,000 billion.
In Vietnam, commercial platforms are thriving. Fierce competition is the foundation of e-logistics, i.e. ride-hailing, delivery, with ‘talented’ people like Grab, Go-Viet, FastGo, Be, Now, AhaMove … Other segments such as life, health, the business also have units such as Jupviec, eDoctor, Luxstay, Homedy, Chili …
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Educational technology (EdTech)
To date, EdTech market in Vietnam has received an investment of about 55 million USD. Currently, there are about 50 prominent EdTech companies. The market has several long-term names like Topica while EdTech is still in its infancy. With just under 5% of the office population using one of the online education services, Edtech shows that there is still a large market waiting to be explored.
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