Key Statistics from 2022
Vietnam's gross domestic product (GDP) has been growing at an average rate of 6.5% per year over the past decade, and it is expected to continue growing at a similar rate in the coming years. According to the International Data Corporation (IDC), the cybersecurity market in Vietnam was valued at USD 1.7 billion in 2020, and it is expected to grow at a compound annual growth rate (CAGR) of 14.5% during the period 2021-2026. The industry's employment is also growing, and it is estimated that there are around 10,000 cybersecurity professionals in Vietnam.
Factors Contributing to Its Growth and Success
Government Initiatives
The Vietnamese government has been proactive in promoting cybersecurity in the country. In 2015, it launched the National Cybersecurity Strategy, which aims to create a safe and secure cyberspace for Vietnam. The strategy includes various measures such as developing a legal framework for cybersecurity, enhancing the capacity of cybersecurity professionals, and promoting public awareness of cybersecurity issues. The government has also established various agencies to oversee and implement the strategy, such as the Cybersecurity and High-tech Crime Prevention Department under the Ministry of Public Security.
Industry's Growth and Comparison to the Previous Years
The rise of cyber threats is one of the factors contributing to the growth of the cybersecurity industry in Vietnam. With the increasing digitization of the economy, more and more companies are adopting digital technologies, which exposes them to various cyber threats such as hacking, data breaches, and malware attacks. As a result, there is a growing demand for cybersecurity solutions and services to protect against these threats.
The cybersecurity industry in Vietnam has experienced significant growth over the past few years. In 2015, the industry was valued at only USD 0.5 billion, and it has grown at a CAGR of around 20% since then. This growth is expected to continue in the coming years, mainly driven by the increasing digitization of the economy and the rising cyber threats.
Key Trends
Technological Disruptions
The cybersecurity industry is constantly evolving, and new technologies are emerging that are disrupting the industry. One of these technologies is artificial intelligence (AI), which is being used to develop more advanced cybersecurity solutions. AI can help detect and respond to cyber threats in real-time, which can significantly enhance the effectiveness of cybersecurity solutions.
Challenges
Lack of Skilled Professionals
One of the main challenges facing the cybersecurity industry in Vietnam is the shortage of skilled professionals. Although the industry's employment is growing, there is still a significant skills gap, with a lack of professionals who have the necessary technical skills and expertise to develop and implement effective cybersecurity solutions.
Future Outlook
The cybersecurity industry in Vietnam is expected to continue growing in the coming years, driven by the increasing digitization of the economy, the rise of cyber threats, and the government's initiatives to promote cybersecurity. However, there are also challenges that need to be addressed, such as the shortage of skilled professionals. To overcome these challenges, the government and the industry need to work together to develop and implement measures to promote cybersecurity education and training, and to attract and retain top talent in the industry. This can include providing incentives for students to pursue cybersecurity education, offering training and development programs for current professionals, and creating a supportive environment for startups and innovative cybersecurity solutions.
In addition, the industry needs to stay abreast of technological disruptions and emerging threats, such as the increasing use of the cloud, the Internet of Things (IoT), and the proliferation of mobile devices. This will require continuous investment in research and development and the adoption of new technologies to stay ahead of cyber threats.
Moreover, as the country continues to digitize and more data is generated, data privacy and protection will become increasingly critical. Therefore, companies and organizations must ensure that they have robust data protection policies and processes in place to safeguard sensitive information.
Conclusion
The cybersecurity industry in Vietnam is a growing and successful sector, driven by the increasing digitization of the economy, the rise of cyber threats, and the government's initiatives to promote cybersecurity. However, the industry also faces challenges, such as the shortage of skilled professionals and the need to keep up with technological disruptions and emerging threats. To maintain its growth and success, the industry needs to continue investing in research and development, promoting cybersecurity education and training, and developing innovative solutions to address emerging threats.