Tech security market projected to grow by almost 50 percent

TLDR:

Key Points:

• Revenue in the cyber information security industry has increased by 46.8 percent.
• Domestic product revenue reached 46 percent, with an estimated VND41 billion paid in taxes.

The cyber information security market has seen a significant surge in revenue, with a 46.8 percent increase reported by the Ministry of Information and Communications. In the first quarter of 2024, the market earned VND804 billion, up from VND548 billion in the same period in 2023. This growth is attributed to a 46 percent increase in domestic product revenue, with the sector also contributing VND41 billion in taxes to the state budget – a 28.7 percent increase from the previous year.

Furthermore, there was a rise in the number of businesses operating in the cybersecurity field, with 132 businesses recorded, marking a 5 percent increase from the previous year. The sector also saw an increase in employment, with 3,881 people working in cybersecurity – an 11.1 percent increase from the previous year.

The Ministry of Information and Communications has outlined plans to develop and issue guidance for ensuring information system security, as well as to enhance information security at ministerial and provincial levels. Additionally, the Ministry will implement the government’s Project 06, report to the Prime Minister on the National Cyber Security Strategy’s progress, and focus on training and developing human resources for information security between 2021 and 2025.