Vietnam's Tech Companies Expand Globally as Revenue Reaches $11.5 Billion

Overseas growth brings a new test for Vietnam's technology industry

Vietnam's technology companies earned $11.5 billion from international markets in 2024, up from $7.5 billion just a few years earlier. That increase of $4 billion, or about 53%, captures a broader change: businesses that once struggled to find customers abroad now sell software, digital services and technology products across the world.

More than 52,000 digital businesses operate in Vietnam, and more than 1,500 earn revenue overseas. Their expansion has taken different forms. FPT built a business serving international corporate customers, Viettel developed telecommunications networks in emerging markets, and younger companies such as Amanotes designed products for global audiences from the beginning.

Vietnam's progress over three decades has depended on a growing workforce, relatively affordable technical skills, investment in training and a willingness to adapt after early failures. International partnerships and government reforms are now supporting ambitions in artificial intelligence, semiconductors and advanced manufacturing.

The next challenge is to earn more from the ideas behind technology, rather than mainly from the work of building and maintaining it. For a software company, that means moving from completing a customer's instructions to advising that customer, designing the solution or owning the product being sold.

Vietnam's companies enter that stage with a larger international presence, but also with shortages of advanced skills, limited recognition for their brands and demanding rules in major export markets. Their experience shows how far the industry has travelled and what still separates a successful exporter from a business that shapes its own global market.

How FPT and Viettel made their first moves abroad

Vietnam had only about 2,000 programmers when its early technology companies began pursuing international opportunities in the late 1990s. Most lacked English proficiency and experience working with foreign customers. Infrastructure was limited, and Vietnamese technology brands had little recognition overseas.

FPT's leadership adopted an "export or die" strategy, putting all its cash reserves into training programmers and pursuing software exports. The decision made international business central to the company's future, even before it had established a reliable route into foreign markets.

Early efforts in the United States and India suffered setbacks. The dot-com crash in 2000 wiped out potential partners, while unfamiliarity with Vietnam's technology industry made winning customers difficult. FPT subsequently shifted its attention to Japan, where demanding quality standards came alongside steady demand for software development performed overseas.

Viettel, then a small telecommunications company, also looked beyond Vietnam. Projects in Cambodia and Laos offered opportunities to learn how to build and operate networks in other countries, compete with established businesses and develop a foundation for further expansion.

The main stages of that journey span several decades:

• Late 1990s: FPT and Viettel began pursuing international opportunities while Vietnam's technology industry was still young.
• 2000: The dot-com crash disrupted FPT's early efforts to develop overseas partnerships.
• After those setbacks: FPT increased its focus on Japan and later expanded into Singapore, Europe and the United States.
• July 2024: Vietnam passed the Digital Technology Industry Law to support development of the sector.
• 2024: Revenue from international technology markets reached $11.5 billion.

FPT moves from software assignments to broader services

Japan became an important base for FPT's international growth. By concentrating on offshore software development, meaning software work carried out in another country for a customer, the company gained experience meeting the requirements of a demanding market.

FPT expanded through development hubs, mergers and acquisitions, and entry into additional markets. Acquiring businesses and technologies helped it broaden its capabilities as its operations spread through Singapore, Europe and the United States.

By 2024, FPT's revenue in the US market had reached $1.7 billion. Its business included contracts with Fortune 500 companies and an expanding portfolio in hardware and automotive technology.

The company's activities now extend into digital transformation, artificial intelligence and cloud computing. Digital transformation involves changing how an organisation works through technology, while cloud computing allows customers to use computing resources through networks rather than operate every system themselves.

FPT's development illustrates a central ambition for Vietnam's technology industry: to progress from supplying programming work to taking responsibility for larger business problems. That requires technical ability, knowledge of a customer's industry and the trust needed to handle more complex assignments.

Viettel builds networks in difficult conditions

Viettel's expansion required a different kind of commitment. Telecommunications businesses need physical infrastructure, local operating knowledge and the ability to keep services running when conditions deteriorate.

Across developing markets, Viettel encountered cultural and legal barriers, natural disasters and political unrest. In Mozambique, its engineers risked their lives restoring networks after floods and storms. Repairing those systems was essential to reconnecting the people who depended on them.

Viettel now operates in 10 countries across three continents, serves 90 million users and leads the mobile market in seven of those countries. Its experience in Cambodia and Laos developed into a much wider international business built around infrastructure and adaptation to local conditions.

The group is also pursuing technology beyond conventional telecommunications. Its partnership with Dassault Systèmes focuses on artificial intelligence, digital design and simulation for manufacturing and research and development. Simulation lets engineers test how a design might work digitally before committing to a physical version.

Those activities support Viettel's move into areas including robotics and smart manufacturing. They also connect its international experience with Vietnam's broader effort to develop more advanced technical capabilities.

A younger generation starts with global customers

Rikkeisoft, Amanotes, Elsa Speak, Sky Mavis and Kyber Network represent a newer generation of Vietnamese technology businesses with international ambitions from their earliest stages. Founded by engineers with experience abroad, these companies designed products and services for global users rather than first relying on a large domestic business.

Rikkeisoft's founders trained in Japan, bringing familiarity with international standards and customer expectations. The company's growth in Japan and the United States has rested on a reputation for quality and professionalism. It has completed more than 1,000 projects in the United States and reports a client retention rate of 97%, meaning most customers continue working with it.

Amanotes, based in Ho Chi Minh City, has pursued scale through music games. Its games have been downloaded more than 3.5 billion times across 190 countries, giving it a leading position in its niche.

The company has used artificial intelligence and a focus on international audiences to support that expansion. Its approach shows how a digital product can reach users across many countries through platforms, rather than requiring the same physical infrastructure as a telecommunications network.

These younger businesses have embraced a "fail fast, learn faster" mindset. They adapt products to local markets, use artificial intelligence for content creation and concentrate on digital platforms that can expand internationally. Competing abroad early exposes them directly to global rivals and accelerates the process of learning what customers expect.

Talent and investment strengthen Vietnam's appeal

Vietnam has more than 1.67 million information technology workers and produces more than 50,000 new graduates annually. A majority of its population is under 35, and English proficiency is rising. Together, those features give technology businesses a large pool of potential employees and a continuing flow of new recruits.

Hiring Vietnamese technology professionals is substantially more affordable than hiring in developed economies. For businesses buying software services or building technical teams, that can make it possible to access skilled workers while keeping costs manageable.

Government investment in science, technology, engineering and mathematics education, digital infrastructure and innovation hubs has supported growth in semiconductors, artificial intelligence and green energy. Vietnam's proximity to major Asian markets, political stability and place in global supply chains also make it attractive as a base for regional operations.

Major international technology companies are increasing their presence. NVIDIA is establishing an artificial intelligence research and data centre in Vietnam. Google has launched a local entity to support digital transformation, while Apple supplier Foxconn is investing in chip manufacturing.

Those investments bring capital, access to advanced technologies and exposure to international working practices. They support Vietnam's ambition to become a centre of technology development and talent, alongside its established role as an affordable manufacturing location.

Vietnam's growing workforce still needs deeper expertise in demanding fields. A large number of graduates gives employers more people to recruit, while advanced artificial intelligence and semiconductor work requires specialised training and experience that remain in short supply.

Partnerships connect Vietnamese firms to international systems

FPT's collaboration with Equinix, a global provider of data centres, addresses a practical need for companies operating across borders: reliable connections between their systems and customers.

The partnership gives Vietnamese businesses access to connections with high speed and low latency. Latency is the delay between sending information and receiving a response. Reducing that delay helps digital services operate more smoothly when users, companies and computing systems are in different countries.

Viettel's work with Dassault Systèmes addresses another need: access to advanced tools for designing products, testing ideas and improving manufacturing. Artificial intelligence, digital design and simulation can help businesses develop capabilities beyond their original areas of expertise.

Both partnerships also support training and the transfer of knowledge. Access to equipment or software is only part of the task; employees must learn how to use those tools and apply them to customers' problems. Developing those skills gives Vietnamese companies a stronger base for taking on more sophisticated international work.

A new law supports expansion and investment

Vietnam passed the Digital Technology Industry Law in July 2024 as part of a wider effort to support technology exports and international expansion. Described as the world's first comprehensive legislation dedicated to the digital sector, it brings rules for artificial intelligence, cryptocurrencies and technology startups into a single framework.

The law aims to simplify government management of the sector, give entrepreneurs clearer rules and attract investment. It combines support for businesses with measures intended to expand the workforce and help Vietnamese brands compete internationally.

Its stated goals and measures include:

• Increasing the number of technology companies to 150,000 by 2035.
• Helping Vietnamese brands develop into global businesses.
• Providing tax and financial incentives for technology firms and foreign investors.
• Supporting talent through education funding, tax exemptions and simpler visa procedures.
• Establishing Digital Technology Offices abroad and special technology zones for fields including semiconductors and green technology.

The framework also introduces a regulatory sandbox for blockchain and financial technology. A sandbox allows a new business model to be tested under government supervision, giving companies room to try an approach while authorities monitor how it works.

The 2035 target sets a longer horizon for expanding the business base. Alongside that numerical goal, the measures seek to make it easier for companies to recruit, attract investment and develop a presence in foreign markets.

What companies need to move beyond outsourcing

Vietnamese technology companies still face shortages of highly skilled workers in artificial intelligence and semiconductors. Retaining experienced employees is another challenge because higher salaries abroad can draw them away.

Brand recognition also matters. Companies that are unfamiliar to customers in major markets must spend time building trust before they can win contracts. FPT's early experience abroad showed how difficult that can be, even when a business is prepared to invest heavily in expansion.

The United States and Europe impose demanding requirements involving intellectual property, cybersecurity and export controls. Intellectual property rules protect creations such as software and designs; cybersecurity requirements concern the protection of systems and information; export controls restrict certain technologies and transactions. Meeting those requirements can complicate entry and growth.

State funding for trade promotion and development of the wider business network remains modest compared with regional competitors. Industry priorities include shared offices in major technology centres, larger trade promotion budgets, better information technology education and a coordinated campaign to make Vietnamese technology brands better known internationally.

Many Vietnamese businesses still concentrate on outsourcing and delivering services designed by others. Moving into consulting, solution design and products they own would give them a larger role in deciding what gets built and how it is sold.

Further progress will require continued education and training, particularly in advanced fields, alongside simpler regulations and faster procedures for startups and innovative businesses. Stronger intellectual property protection, cybersecurity standards and international cooperation are also part of that agenda.

Bilateral agreements with leading technology nations and coordinated marketing and trade initiatives could support market access and recognition. As digital transformation expands and developed countries face shortages of technology workers, Vietnam has an opportunity to strengthen its position as a trusted destination for information technology work.

Vietnam's ambition is to move from being a manufacturing base to a centre of technology innovation and leadership. Its companies have already shown that they can reach overseas customers. Their next task is to build the skills, products and reputation needed to take responsibility for more valuable work.

Key Points

• Vietnam earned $11.5 billion from international technology markets in 2024, up about 53% from $7.5 billion a few years earlier.
• The country has more than 52,000 digital businesses, including more than 1,500 earning revenue overseas.
• FPT's US market revenue reached $1.7 billion in 2024, while Viettel serves 90 million users across 10 countries.
• Amanotes has recorded more than 3.5 billion game downloads across 190 countries.
• Vietnam has more than 1.67 million information technology workers and more than 50,000 new graduates annually.
• The Digital Technology Industry Law, passed in July 2024, aims to help increase the number of technology companies to 150,000 by 2035.
• Advanced skills, talent retention, international recognition and a shift toward consulting and proprietary products remain central challenges.