Tech sector revenue expands nearly 9 pct in 2019

By Nguyen Ha   December 28, 2019 | 03:40 am PT
Tech sector revenue expands nearly 9 pct in 2019
Workers at a smartphone factory in Vietnam. Photo by VnExpress/Chau An.
Technology, information and communications enterprises recorded VND3.1 quadrillion ($134 billion) in revenue in 2019, up 8.8 percent year-on-year.

In total, these businesses contributed VND99.8 trillion ($4.32 billion) to the state budget this year, according to the Ministry of Information and Communications (MIC).

Technology and communications (ICT) enterprises generated $110 billion of this revenue, up 9.8 percent over last year, creating jobs for over one million workers, the ministry said.

Products produced by ICT enterprises, especially mobile phones and computers, were some of Vietnam’s top 10 export products of 2019, bringing the trade surplus of Vietnam’s hardware and electronics industry to around $28 billion.

Telecommunications revenue reached VND472.3 trillion ($20.44 billion) this year, up 18 percent over last year, and revenue from postal services went up 23 percent year-on-year to VND34.3 trillion ($1.48 billion).

As of May there were 50,000 ICT businesses in the country, and the government wants to double this by 2030 and take Vietnam into the list of top 30 countries in the sector, the ministry said.

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