Various sectors in midst of digital boom

Professionals in IT have a profound impact on various industries, including pharmaceuticals, banking, and finance. A survey of over 2,200 IT professionals during September-October 2023 by leading site ITviec, several interesting findings have emerged regarding the highest monthly salaries and other issues.

Pharmaceuticals, banking, and financial services emerged as the top three, with figures of VND47.9 million ($2,020), VND40.5 million ($1,705), and VND38.6 million ($1,625), respectively.

Vietnam's economic landscape is currently undergoing a period of revitalisation, driven by encouraging economic indicators and strong growth potential. After a modest deceleration to 3.7 per cent in the first half of 2022, the World Bank foresees a resurgence, with projected growth rates of 4.7 per cent, 5.5 per cent, and 6 per cent in 2023, 2024, and 2025, respectively.

This growth is supported by proactive fiscal policies that aim to stimulate short-term demand, eliminate obstacles to public investment, and tackle infrastructure limitations.

The appeal of Vietnam to international investors is clearly demonstrated in the latest data from Vietnam Briefing, a source for doing business in Vietnam.

According to their findings, the financial, banking, and insurance sector successfully enticed seven new projects, amounting to an impressive $1.53 billion in Newly Registered Capital (NRC) between February and July 2023. This sector secured the second spot on the NRC list, highlighting its appeal to foreign investors.

Amid Vietnam's fast-paced digital transformation, influx of foreign investments, and thriving sectors, IT professionals have a golden chance to make significant contributions and enjoy the advantages of the country's economic growth.

The financial landscape of Vietnam is undergoing a transformation due to the exponential expansion of digital financial services adoption, as emphasised in the e-Conomy SEA 2023 report. According to projections, there is a significant growth anticipated in the gross transaction value of digital payments.

It is estimated to increase by 19 per cent from 2022 to 2023, with the value reaching $126 billion in 2023 and an impressive $290 billion by 2030.

In this era of digital transformation, certain industries like digital lending and payment services are becoming increasingly important, facilitating trillions of online transactions and catering to the needs of millions of consumers.

Predictions from industry experts, such as Ha Nguyen, a research manager at SSI Securities Corp, suggest strong credit growth of 12 per cent to 14 per cent from 2024 to 2026.

The impressive growth in Vietnam's economy is set to help the government achieve its ambitious annual GDP growth target of around 6.5 per cent, according to an S&P Global, September 2023 report. This highlights the crucial importance of the banking sector in shaping Vietnam's economic path.

The pharmaceutical sector is experiencing significant growth, with a revenue of $5.9 billion in 2021 and projections pointing towards a potential value of $16 billion by 2026.

According to data from IBM, these projections are optimistic and suggest that the growth can be attributed to an aging population and increased healthcare spending.

There has been a notable increase in capital flowing into the pharmaceuticals sector from foreign corporations, with a particular focus on investments from Japan, South Korea, and the US. The attention from abroad highlights the sector's promising prospects for expansion and creativity.

In light of the growing demand for tech-driven services in healthcare, major drug retailers are increasingly meeting this market need with greater confidence.

By December 2023, the Long Chau chain had established a strong market presence, experiencing an impressive quarterly growth rate of 23 per cent since 2020.

Another major chain, An Khang, has also noticed a surge in the demand for modern drug retail services. Given the increasing number of users embracing modern healthcare services, there are numerous exciting projects and lucrative opportunities available for IT professionals skilled in handling complex healthcare systems and data.

The generous salaries earned by professionals in the IT field within the pharmaceuticals, banking, and finance sectors reflect the current state of prosperity and the promising outlook for continued growth.

In the midst of Vietnam's fast-paced digital transformation, influx of foreign investments, and thriving sectors, IT professionals have a golden chance to make significant contributions and enjoy the advantages of the country's economic growth.

The trajectory is evident – Vietnam has become more than just a place for investment; it is a promising hub for IT professionals who are skilled in handling advanced banking, finance and healthcare technologies and regulations.

Vietnam’s economy is likely to strongly recover in the second quarter of 2023, said Tim Leelahaphan, Economist for Thailand and Vietnam at Standard Chartered.

Businesses up and down the country are leveraging cloud computing, anticipating vast growth in the digital arena.

Vietnam’s digital technology industry has made encouraging steps of development and maturity over the years.