New technologies: what are Vietnam’s tech assets?
In the bustling streets of Ho Chi Minh City and the meeting halls of Hanoi, a silent revolution is taking shape. Vietnam, once hailed for its scenic beauty, is turning into a booming tech lab. Brilliant minds from around the world are converging on this dynamic nation, creating a digital mosaic of innovation and opportunity. In this article, we dive into the forces propelling Vietnam to the forefront of the tech scene, exploring how a European SME can seize this unique chance to shape a connected and thriving future. Welcome to digital Vietnam, where each line of code traces the path to new frontiers.
Vietnam Tech: how the dragon of Asia is forging its connected future
At the heart of the transformation of Vietnam’s technological landscape are young and dynamic individuals, driven by an insatiable thirst for knowledge. Vietnam is among the countries with a high literacy rate, ranking 30th out of all 50 countries that make up the Asian continent.
The Asian dragon has a solid base of scientific education, thus nurturing an inexhaustible reservoir of talent in computer development.
Developers with cutting-edge skills stand out for their mastery in the following areas:
- programming languages,
- sophisticated software architectures,
- and new digital trends.
Another major advantage is the competitive labor costs. Compared with traditional technology centers (USA, UK, Netherlands, France, Finland etc.), development costs in Vietnam are often much more affordable. This allows European SMEs, while maintaining a high quality of work, to achieve significant savings.
Equally important, Vietnam embraces a culture of innovation and entrepreneurship. From modern co-working spaces to thriving tech ecosystems, localized entrepreneurs in Vietnam are encouraged to explore new ideas and challenge convention. This synergy of ideas is giving rise to a profusion of dynamic startups, putting the country on the global innovation map.
Vietnam’s modern technological infrastructure is another essential factor. Substantial investments in communications and digital infrastructure have created an enabling environment for international collaboration and the expansion of technology operations.
In the next section, we’ll take a closer look at the Asian dragon’s technological assets, discovering how a European SME, with an ambition to create large-scale software, can harness the exceptional resources of a web-based agency in Vietnam in order to succeed in this rapidly changing world!
Qualified engineers and competitive costs
Vietnam has a young and highly educated workforce, with a large number of graduates in computer science, engineering and other technological fields. Labor costs in Vietnam are often lower than in developed countries, making it an economical option for companies looking to outsource or train development teams.
Vietnam has seen significant growth in its tech ecosystem, with a large number of tech-focused startups and companies. Tech hubs have sprung up in cities like Ho Chi Minh City and Hanoi, providing an environment conducive to innovation and collaboration.
Cost of a developer in day / man is more advantageous if he is based in Vietnam
Working with a developer based in Vietnam offers significant economic advantages compared to a developer based in France. Vietnamese labor costs are generally lower than those of many Western countries, for example, such as France. This is due to favorable cost-of-living and exchange rate differentials, which allow companies to make significant savings on salaries and development costs. This is called offshore web development outsourcing. Would you be interested in entrusting your software projects to an agency located in Vietnam? You are in the right place.
Exchange Rates and Cost of Living
The cost of living in Vietnam is significantly lower than in France, which means that salaries for Vietnamese developers are also less expensive. Moreover, the favorable exchange rates between the Euro and the Vietnamese dong reinforce this advantage by further reducing Euro costs for European companies.
Modern communication infrastructure
Vietnam is among the countries that have invested in developing communications infrastructure, including high-speed internet connectivity. This promotes remote collaboration and facilitates technology operations.
Economic and political stability
Vietnam enjoys political stability and sustained economic growth, which boosts the confidence of investors and business partners.
According to lecourrier.vn, investors of all sizes (small and medium) continue to invest in Vietnam. The Minister attached to the Investment Plan said in May 2023 that the government was keen to support a harmonious foreign investment climate in order to attract more foreign investors.
Talents in emerging technologies
Vietnam is beginning to position itself in emerging technology areas such as:
- artificial intelligence,
- and Internet of Things (IoT) technologies
Training programs and government initiatives support the development of these skills. As a result, Vietnamese development engineers are regularly at the cutting edge of technology to work on new application development projects. Discover our web agency in Vietnam.
International trade agreements
As mentioned above, Vietnam has signed favorable trade agreements with many economies, which facilitates international trade and investment, including within the technology sector.
Innovation and creativity
Vietnamese culture is known for its spirit of innovation and creativity. This is reflected in the growing technology sector, where local and international companies collaborate to develop innovative solutions.
The Vietnamese government recognizes the importance of new technologies for the country’s economic development. Initiatives such as:
– encouraging innovation,
– tax benefits for technology companies,
– and investments in education reinforce the development of the technological sector.
In summary, Vietnam has a combination of tech assets, including the following:
– profiles of highly qualified web developers,
– a growing technological ecosystem,
– a business-friendly environment, which makes it again and again a promising player in the field of new technologies on the world stage.
Anecdote – Why is Vietnam nicknamed the dragon 🐲 of Asia?
Let’s end on a cultural and historical note. Why is Viet Nam nicknamed the dragon of Asia? Vietnam is nicknamed the “Dragon of Asia” due to the shape of its geographical territory which resembles a dragon on the map. This nickname symbolizes the strength and resilience of the Vietnamese people in the face of historical challenges. The dragon is also a symbol of power and prosperity in Vietnamese culture, thus reinforcing the country’s national identity.
Among the qualities of the dragon, we also find:
- a cultural role,
- yang energy,
- and finally a symbol of harmony between heaven and earth.
We easily find all these qualities within Vietnamese culture.