Vietnam’s Digital Enterprises Forge Global Path at Second International Cooperation Conference

On March 26, 2024, the Ministry of Information and Communications (MIC) convened the second Global Digital Cooperation Conference in Hanoi, marking a strategic milestone in Vietnam’s ongoing campaign to elevate its domestic technology firms to the international stage. With the central theme, “Opportunities for Vietnamese Digital Technology Enterprises in Overseas Markets,” the event served as a high-level platform for dialogue, resource sharing, and strategic planning for companies looking to expand their footprint beyond domestic borders. This summit builds upon a robust framework initiated in February 2023, signaling the government’s unwavering commitment to transforming Vietnam into a global hub for digital innovation and service exports.

The Strategic Imperative for Global Expansion

The conference underscored a fundamental shift in the government’s economic philosophy. Minister of Information and Communications Nguyen Manh Hung set the tone for the proceedings by emphasizing the necessity of global competition. According to Minister Hung, the path to high-income status for Vietnam is inextricably linked to the ability of its tech firms to compete, conquer, and generate revenue in foreign markets.

“Without going abroad, without competing, without conquering, and without generating revenue from overseas markets, Vietnam cannot become a high-income developed nation,” Minister Hung stated. This directive encourages local businesses to move beyond the “Make in Vietnam” strategy—which focuses on domestic design and production—toward a “Go Global” model where Vietnamese intellectual property and technical expertise are exported as competitive, value-added services.

A Chronology of the “Go Global” Initiative

The government’s push for international digital integration is not a sudden pivot but a structured, multi-year policy evolution.

• February 2023: The Ministry of Information and Communications officially launched the support program for digital enterprises venturing into international markets. This marked the formal recognition of digital services as a key pillar of Vietnam’s export portfolio.
• Late 2023: The inaugural Global Digital Cooperation Conference was held, establishing the foundational mechanisms for B2B networking and state-sponsored trade facilitation.
• March 2024: The second iteration of the conference took place, shifting the focus from general awareness to tactical execution, market-specific insights, and regulatory navigation.
• Future Outlook (2025-2027): Strategic goals have been set to deepen cooperation with major economic blocs, specifically the European Union and the Asia-Pacific region, to integrate Vietnamese firms into global supply chains.

Market Potential and Data-Driven Growth

The data provided during the conference paints a picture of a sector with significant momentum. By the close of 2023, approximately 1,500 Vietnamese digital technology enterprises had successfully recorded revenue from international markets, representing a 7% increase over the previous year. Total revenue generated from these overseas operations reached USD 7.5 billion, a 4% year-on-year growth.

Analysis from the Ministry of Planning and Investment indicates that there are currently over 200 active outbound investment projects in the ICT sector. A distinct pattern has emerged: large-scale telecommunications investments are primarily concentrated in African markets, while high-growth, smaller-scale IT services and software development projects are increasingly targeting developed digital economies such as Singapore, the United States, and Japan.

Expert Insights: Navigating Foreign Regulatory Landscapes

A significant portion of the conference was dedicated to understanding the nuances of foreign markets. Representatives from international trade bodies, including JETRO (Japan) and EuroCham (Europe), provided critical briefings on the regulatory and investment environments of their respective regions.

Takeo Nakajima, head of JETRO in Hanoi, highlighted the success of firms like FPT, which has established a significant presence in Japan. Nakajima clarified that while the Japanese government does not offer direct tax subsidies for foreign entrants, it provides extensive “soft” support. This includes assistance with business registration, networking, legal consultation for business models, and facilitation of Research and Development (R&D) partnerships.

Meanwhile, Eunjung Han, Vice-Chair of the Digital Sector Committee at EuroCham, introduced the “Europe Digital” program, which is slated to run through 2027. This initiative provides strategic funding for projects in five critical areas: supercomputing, artificial intelligence (AI), cybersecurity, advanced digital technical skills, and the broad integration of digital technologies into the socio-economic framework. Han urged Vietnamese firms to prioritize understanding the European Union’s stringent regulatory compliance frameworks, such as GDPR and the EU’s digital investment policies, as a prerequisite for entry.

Official Government Coordination

The success of this initiative is dependent on a cross-departmental approach. The conference featured representatives from the Ministry of Information and Communications, the Ministry of Foreign Affairs, the Ministry of Planning and Investment, and the Ministry of Industry and Trade. This coordinated effort aims to provide a "one-stop-shop" approach to internationalization, where diplomatic channels assist in market entry, trade offices provide on-the-ground intelligence, and the Ministry of Planning and Investment helps navigate capital flow and regulatory hurdles.

Deputy Minister of Information and Communications Phan Tam noted that the ministry will continue to organize trade exhibitions, digital forums, and ICT expos globally. These events are designed to place Vietnamese companies in front of key decision-makers, potential partners, and venture capital investors, thereby reducing the "asymmetry of information" that often acts as a barrier for emerging market entrants.

Implications for the Vietnamese Economy

The shift toward global digital service exports has profound implications for the national economy. By transitioning from low-cost manufacturing to high-value digital services, Vietnam is attempting to mitigate the "middle-income trap." The export of software, AI, and cybersecurity services creates higher-paying jobs, fosters a culture of innovation, and integrates Vietnam more deeply into the global digital value chain.

However, the path is not without challenges. Risk management, intellectual property protection, and cultural adaptation remain top concerns for firms moving into sophisticated markets. The government’s role, as emphasized throughout the conference, is to act as a bridge—de-risking the entry process by providing the necessary market intelligence and diplomatic support to help firms make informed, strategic decisions.

Conclusion: Confidence in the Global Arena

The conclusion of the conference saw a unified sentiment among participants: Vietnamese digital enterprises are entering a new, more mature phase of development. The transition from "Make in Vietnam" to "Go Global" is no longer an abstract ambition but an operational reality supported by clear data, government facilitation, and international partnerships.

As Vietnamese firms continue to refine their offerings—ranging from digital transformation consulting to specialized AI applications—the insights shared by international representatives have provided a roadmap for sustainable growth. By leveraging both the competitive advantages of the Vietnamese workforce and the specific opportunities within the European, Japanese, and American markets, Vietnam is positioning itself to be a significant contributor to the global digital economy in the coming decade. The ongoing commitment from both the public and private sectors suggests that the trend of internationalization will only accelerate, further cementing Vietnam’s status as an emerging powerhouse in the global technology landscape.