Spire talks about Vietnam's emerging ICT sector

GURGAON, India - Jan. 20, 2019 - PRLog -- Spire was honored to participate at the GATES Vietnam ICT Reseller Channel Summit 2018 as a Research Partner. The Summit was held on 4-6 December, 2018 in Vietnam. Japnit Singh, Deputy Chief Executive Officer at Spire Research and Consulting, shared his insights on Vietnam's booming ICT sector, focusing on market trends and growth strategies.

Singh discussed the digital landscape in Vietnam for e-commerce, e-payments and government policies for Information and Communications Technology (ICT).

Vietnam's fast-growing population will boost domestic demand. Vietnam's middle-class is set to rise to 33 million by 2020. Vietnam's stock of Foreign Direct Investment (FDI) reached around USD18 billion in 2017; up approximately 11% from 2016.

Revenue from telecommunication services for the first 6 months in 2018 amounted to VND189,948 billion and VND1,026,000 billion for the IT sector.

E-commerce has been on the rise. Facebook website stores are among the top three sales channels in the country and expected to grow further. However, cybersecurity is still a crucial gap, with losses of around VND12 trillion due to cyber-attacks in 2017.

Nonetheless, customers still prefer Cash on delivery (COD) as the preferred payment mode for e-commerce, at 80%.

The government has also put in place policies to promote the ICT sector, including tax, land and other financial incentives for companies and individuals.

Japnit Singh's presentation deck on "E-commerce in Vietnam" can be found here (http://bit.ly/2Fsiwyc).

Spire Research and Consulting was established in 2000 to address a gap in the research and consulting industry in global emerging markets. Unlike most agencies that focus on traditional consumer research, our founders saw a profound need for holistic research projects.

These projects integrate traditional customer research with knowledge of the broader business eco-system; for instance, competitors, channels, legal and regulatory factors. They support strategic decision-making for market growth and entry. Our studies provide indispensable tools for creating business plans, setting sales quotas, quantifying budgets and investment as well as making product launch decisions.

Spire exists to undertake such projects with distinction.

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