Once considered below the poverty line, in the last 30 years, the growth of Vietnam has been astounding. It is an eye opener to many countries in the world as to what a nation can achieve with the right combination of government action and public support. 1986 saw a tide of reform in the political and economic sector of the country. The GDP in 2018 and 2019 increased by 2.7 percent which pulled about 70 percent of the population out of poverty.
Suddenly, this amazing nation fell into the middle-class income category. When the pandemic hit the world in 2020, Vietnam rose as an exemplary nation by minimizing the impact on every facet of everyday life. The world bank believes that it is one of the few countries to go recession free post pandemic despite the huge setback suffered.
Most enterprises in the country are small or medium, who along with foreign investment support contribute to the GDP. Yes, the growth rate has been affected but it hasn’tdeclined, and the country is still moving forward. The growth still falls in the positive graph. Moreover, with infrastructure and additional services backed by Oxtrys, these face growing businesses are free to put their heads into the demanding needs of expansion.
The cloud computing market in Vietnam, according to Opengovasia.com, is worth VND 3.2 trillion. 20% of this market is seized by 11 domestic companies that host 270,000 servers while the rest is gripped by the international cloud computing firms. Unlike other markets, the impact of COVID-19 has been to push the growth by 40%. This is a major contributor to a recession free Vietnam. Despite all the positive advancement, there is still a well of untapped potential in software services.
Vietnam is the eighth largest service provider of IT technologies in the world and is predicted to explosive growth by 2025. The sector is backed by the government which has motivating plans like labor incentive in place to encourage growth in the sector. Add to that, low costs and quality labor, and the growth on the world stage is propelled considerably.
In conclusion, Vietnam as a developing country has shown promising results over the years and has yet to explore the wealth of potential in the market. Cloud computing and IT markets are the torch bearers. The government is doing everything right to bring the life of people to a great living standard which means the job market is only going to get better from here.