Vietnam Cloud Computing Market:
Growth opportunities in the Vietnam Cloud Computing market look promising over the next six years. This is mainly due to the rising number of cloud computing centres in the country, followed by the surging demand for several cloud services, including Infrastructure as a Service and Software as a Service, among others.
Vietnam Cloud Computing Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Vietnam’s cloud computing market size is witnessing significant growth in the coming years. The nation has 27 cloud computing centres, and around 11 domestic companies have invested with more than 270,000 servers. The major key driver responsible for the growth of the Vietnam cloud computing market includes the surging demand for different cloud services, which include Infrastructure as a Service and Software as a Service, among others. Moreover, the expanding number of small and medium-sized enterprises is further contributing to the growth of the Vietnam cloud computing market share.
In 2020, the government implemented Decree No 37/2020/ND-CP to involves more SMEs businesses from accessing the investment incentives. This illustrates the government’s efforts to support businesses, particularly among the small and medium-sized enterprises largely affected by the COVID-19 pandemic. In addition to this, the regulation will rise the list of business lines eligible for investment incentives such as several types of SMEs business lines only.
The outbreak of the coronavirus pandemic has further impacted the growth of the cloud computing market. Various enterprises around industry verticals are implementing work from home policies for the safety of their employees and maintaining operational efficiency. This has surged the demand for Software as a Service. In 2020, five Vietnamese businesses developed cloud computing platforms and were certified by the Ministry of Information and Communications (MIC) that they met the technical criteria to serve e-government and e-governance. Additionally, in the same year, the Ministry of Information and Communication (MIC) launched a campaign in Hanoi to bring digital transformation using cloud computing technologies. Thus, this will further support the growth of the Vietnam cloud computing market size. On the other hand, the increasing number of cyber-attacks and several other digital losses are hampering the market growth.
The increasing demand for IaaS, PaaS, and SaaS, especially in the banking, financial services, and insurance (BFSI) sector, is further surging the demand of the cloud computing market in Vietnam. This is due to the increasing adoption of cloud computing to provide enhanced customer satisfaction and reduced operational cost.
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