TECH SUPPLIER Nov 2019 - Market Presentation - Doc # AP45645819

1H19 Country Report on IT Services — Vietnam

By: Khuong Ha

On-line Presentation

Abstract

This IDC Presentation provides a detailed analysis of Vietnam's IT services market and competitive landscape from January to June 2019 (1H19). It covers the market size movements and growth trends in each of the macromarkets (i.e., project-oriented services, managed services, and support services) and the key industries such as finance, manufacturing and resources, public sector, distribution and services, and infrastructure. The report also provides a market and vendor analysis of 3rd Platform technologies as the key market drivers. Meanwhile, the competitive analysis section includes key strategies and activities of global and local IT services providers in the market.

The data and insights within this presentation are part of the Asia/Pacific (AP) Semiannual Services Tracker research, which covers 14 foundation markets across 14 AP countries.

Despite the headwinds in global economic growth due to the ongoing trade war between the United States and China, Vietnam's economy remained resilient, registering a GDP growth of 6.76% in 1H19 compared with the same period last year.

The project-oriented segment was the key driver of the growth in IT services spending, driven by large-scale investment in ebanking, development of banking applications, cloud infrastructure deployment, ERP-related projects, and IT consulting services.

Meanwhile, the banking sector remained to be the main driver of the continued healthy growth of IT services spending, driven by large-scale investment for ebanking system, implementation of credit and loan management system, and IT consulting services. In addition, IT services spending of the telecommunications sector also contributed to the healthy demand for IT services, driven by investment in cloud infrastructure, server deployment, upgrade of security system, and deployment of mobile device management system.

FPT Group (FPT) continued to perform strongly in the IT services market, supported by systems integration deals from the banking sector and hardware deployment projects from the telecommunication and insurance sectors. In addition, the traditional "Big Four" audit firms (e.g., PricewaterhouseCoopers [PwC], Deloitte Touche Tohmatsu Limited [Deloitte]) were awarded numerous IT consulting deals from the banking sector.

The IT services market is also projected to continue growing healthily in 2020, albeit at a slightly slower pace compared with the same period last year. Enterprises' digital transformation (DX) initiatives, coupled with the increase in Smart City, smart factory, and egovernment initiatives will be the catalyst for the robust demand for IT services.


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