Vietnam’s Telecom Giants Achieve Impressive Growth in 2024
Vietnam’s major telecom providers—Viettel, MobiFone, and VNPT—reported robust financial performance in 2024, showcasing significant growth despite challenges in the domestic market. Viettel led the sector with an accumulated revenue of VND190 trillion ($7.5 billion), marking a 10.3 percent year-on-year increase and achieving 111 percent of its profit target with VND51 trillion ($2 billion). VNPT followed with VND58.5 trillion ($2.3 billion) in revenue and pre-tax profits of VND6.08 trillion ($24 million), meeting its target and growing seven percent year on year. MobiFone recorded pre-tax profits of VND2.05 trillion ($80.6 million), exceeding its full-year target by 20.6 percent, buoyed by innovations like the “Make in MobiFone” national brand initiative.
The telecom giants also reported improvements in employee income, reflecting their success. Viettel workers at the parent company earned an average monthly income of VND48.14 million ($1,895), a six-percent year-on-year increase, while employees across the group earned VND32.46 million ($1,278). MobiFone, with over 4,000 employees, reported an average monthly income of VND40 million ($1,575). These figures highlight the thriving state of Vietnam’s telecom industry, which continues to navigate and overcome market challenges effectively.
Editor’s Note: In 2024, Vietnam’s top telecom companies—Viettel, VNPT, and MobiFone—reported impressive growth, with Viettel leading with VND190 trillion ($7.5 billion) in revenue and MobiFone exceeding its profit target by 20.6%. Employee earnings also saw a boost, reflecting the industry’s success amid domestic challenges. This highlights the strength and resilience of Vietnam’s telecom sector, signaling potential investment opportunities for foreign companies in a growing and innovative market.
Vietnam Poised to Become Asia’s Next Economic Tiger Through Innovation
A seminar titled “Innovate to Thrive in the New Era,” held in Ho Chi Minh City, highlighted innovation as a cornerstone for Vietnam’s economic growth and its aspiration to become a “new Asian tiger.” Organized by the city’s Department of Industry and Trade, Tuoi Tre newspaper, and the Vietnam Chief Sales & Marketing Officers Club, the event brought together over 300 experts, entrepreneurs, and young innovators. Speakers emphasized that strong brands, sustainable practices, and the integration of technologies like AI, IoT, and Big Data are key to transforming Vietnam into a major economic powerhouse in Asia. The seminar also celebrated the fifth Ho Chi Minh City Brand Awards, which recognized local businesses for their contributions to innovation and sustainability.
Economic expert Sam Korsmoe identified Vietnam’s large, youthful workforce, abundant natural resources, and strategic position amid the China-U.S. trade war as critical advantages for its development. Korsmoe pointed to the success of Taiwan and South Korea as models, urging Vietnam to bolster its industrialization, infrastructure, and policy reforms to avoid the middle-income trap. He underscored the importance of fostering innovation, promoting Vietnamese culture globally, and leveraging the leadership of major cities like Ho Chi Minh City and Hanoi to drive economic growth. If these opportunities are effectively harnessed, Vietnam could surpass its status as an emerging star and become a leading force in Asia’s economy.
Editor’s Note: The seminar “Innovate to Thrive in the New Era” in Ho Chi Minh City emphasized innovation as the key to Vietnam’s goal of becoming a “new Asian tiger.” Experts highlighted the importance of strong brands, sustainable practices, and technologies like AI and Big Data for economic growth, while also celebrating local businesses recognized for their contributions. Economic expert Sam Korsmoe noted Vietnam’s youthful workforce and strategic position as advantages for development, urging further industrialization and policy reforms to avoid the middle-income trap and secure its future as a leading Asian economy.
Qualcomm Strengthens Ties with Vietnam, Driving Innovation and Digital Transformation
Qualcomm Technologies is deepening its collaboration with Vietnam, playing a pivotal role in the country’s digital transformation and technological advancements. Key partnerships with local giants like Viettel and VNPT have led to groundbreaking developments, including Viettel’s launch of the first commercial Open RAN (O-RAN) 5G network using Qualcomm’s 5G RAN platforms and VNPT’s introduction of Vietnam’s first XGS-PON WiFi 7 service powered by Qualcomm’s 10G Fiber Gateway. These initiatives showcase Qualcomm’s commitment to enhancing connectivity, efficiency, and performance in Vietnam’s telecommunications landscape. Qualcomm has also partnered with VinAI to integrate its Snapdragon Cockpit platform for advanced smart mobility solutions, further cementing its role in Vietnam’s technology ecosystem.
Beyond partnerships, Qualcomm is fostering innovation through programs like the Qualcomm Vietnam Innovation Challenge (QVIC), which supports startups developing AI, IoT, robotics, and 5G technologies. The 2024 QVIC finalists received awards totaling $225,000, reflecting Qualcomm’s dedication to nurturing local talent and promoting Vietnam’s tech ecosystem on the global stage. As the nation accelerates its digital economy agenda, Qualcomm plans to expand its support in 2025 with nationwide 5G rollout initiatives, advanced AI solutions, and industrial IoT deployments. With its enduring commitment to innovation, Qualcomm is set to be a cornerstone in Vietnam’s journey to becoming a global tech powerhouse.
https://vir.com.vn/qualcomm-builds-success-with-vietnam-business-partnerships-120659.html
Vietnam’s EV Market Gains Momentum Amid Growing Consumer Demand for Sustainability
Vietnam’s electric vehicle (EV) market is experiencing rapid growth as local consumers increasingly prioritize environmental protection in their purchasing decisions, according to a report by RMIT University Vietnam. Policies such as registration fee exemptions and reduced import taxes, combined with the competitive operational costs of EVs amid rising fuel prices, have boosted their appeal. VinFast, a pioneer in the domestic EV market, recorded over 67,000 units sold this year, with 16,000 sold in November alone—outpacing competitors like Hyundai and Toyota. Experts project the Vietnamese EV market could reach $5-7 billion in value within five years, underscoring its potential to attract both domestic and foreign investors.
VinFast’s success has spurred competition from global automakers such as Hyundai, Toyota, BYD, and BMW, further energizing the market. However, challenges remain, particularly in expanding grid infrastructure and charging station networks. To date, VinFast has installed over 150,000 charging ports nationwide, achieving a ratio of 15 ports per 10,000 people. Dr. Nguyen Son of RMIT University highlighted the need for strategic government intervention and infrastructure upgrades to sustain this momentum. The surge in EV sales reflects a broader trend towards sustainable transportation and positions Vietnam as a promising player in the global EV landscape.
Editor’s Note: Vietnam’s electric vehicle (EV) market is rapidly growing, driven by increasing consumer demand for sustainability, favorable policies, and the success of VinFast, which sold over 67,000 units in 2024. Global automakers are now entering the market, while challenges like infrastructure expansion remain, with VinFast installing over 150,000 charging ports nationwide. This presents significant opportunities for foreign companies to invest in Vietnam’s emerging EV industry and infrastructure development, contributing to a thriving and sustainable transportation sector.
Thailand Advances Smart City Development and AI Leadership
Thailand’s Committee for the Promotion and Development of Digital Economy and Society has approved the establishment of a Subcommittee for Driving Smart City Development, according to Digital Economy and Society Minister Prasert Jantararuangtong. The new body will oversee policies, master plans, and measures to align smart-city initiatives with Thailand’s 20-Year National Strategy. The move aims to ensure continuity in development while promoting efficient application of digital technologies. The subcommittee’s proposals will be reviewed by the main committee for further action, signaling a significant step in the nation’s urban modernization efforts.
The committee also endorsed Thailand’s intent to follow OECD recommendations on artificial intelligence (AI), marking a pivotal opportunity for the country to strengthen its global AI leadership. This commitment will be aligned with Thailand’s National Artificial Intelligence Action Plan, fostering economic growth and enhancing international credibility. Additionally, a draft definition of the digital workforce was approved, pending final endorsement and publication. These initiatives reflect Thailand’s dedication to advancing both smart city development and AI innovation as part of its broader digital economy agenda.
https://www.nationthailand.com/news/policy/40045103
Editor’s Note: Thailand has approved the establishment of a subcommittee to drive smart city development and promote the efficient use of digital technologies, aligned with its 20-Year National Strategy. The country also committed to following OECD recommendations on artificial intelligence (AI), advancing its National AI Action Plan to bolster global leadership in the field. This presents significant opportunities for foreign technology companies to engage in Thailand’s smart city projects and AI initiatives, contributing to the country’s digital transformation while expanding their market presence.
NBTC Summons Oppo and Realme Over Controversial Pre-Installed Loan App
Thailand’s National Broadcasting and Telecommunication Commission (NBTC) has summoned Chinese phone manufacturers Oppo and Realme following user complaints about a pre-installed app, Fineasy, on their devices. The app, reportedly non-removable, can access personal information and send notifications, raising concerns over privacy and data security. While both brands have apologized and promised solutions, including enabling app removal or providing assistance at service centers, the NBTC acknowledged a regulatory gap in checking software on mobile devices. A meeting with relevant agencies and the two manufacturers is scheduled to address the issue and prevent future occurrences.
Digital Economy and Society Minister Prasert Jantararuangtong has directed the Personal Data Protection Committee (PDPC) to investigate potential violations of data protection laws. Acting PDPC secretary-general Wetang Phuangsup confirmed that Oppo and Realme were instructed to review the app and provide explanations at NBTC headquarters. Users concerned about data misuse are encouraged to file complaints through the PDPC website. Meanwhile, the Cyber Crime Investigation Bureau has advised users to disable Fineasy, clear its cache, and revoke its permissions as a precaution.
https://www.nationthailand.com/business/tech/40045113
AI and Big Data Among Key Skills for Future Workforce, Report Reveals
Artificial intelligence (AI) and big data are critical skills for workers navigating rapid changes in the global labor market, according to the “Future of Jobs 2025” report by Chulalongkorn University and the World Economic Forum. The report, based on a survey of 14 million employees across 1,000 companies in 55 countries, predicts that between 2025 and 2030, 170 million new jobs will emerge due to digital and environmental transformations, while 92 million existing roles will be eliminated by economic shifts and automation. Dean of Chulalongkorn Business School, Wilert Puriwat, highlighted increasing demand for roles in AI, cybersecurity, and renewable energy amid challenges like economic volatility, aging populations, and geopolitical tensions.
For Thailand, Wilert outlined strategies to adapt, including upskilling workers for the new economy, integrating automation to enhance efficiency, and adopting technology to boost competitiveness. He emphasized the importance of fostering both intelligence and ethical use of digital skills among the younger workforce to maximize societal and personal benefits. Globally, AI, technological literacy, and creative thinking are expected to take center stage in the evolving job market.
https://www.nationthailand.com/business/economy/40044988
Editor’s Note: The “Future of Jobs 2025” report by Chulalongkorn University and the World Economic Forum highlights AI and big data as essential skills for navigating the evolving labor market, predicting 170 million new jobs and the elimination of 92 million roles by 2030. The report emphasizes growing demand for jobs in AI, cybersecurity, and renewable energy, while urging strategies like upskilling workers and adopting automation to remain competitive. For Thailand, focusing on enhancing digital skills and ethical use of technology will be crucial to adapting to these global changes.
Thailand Approves Blue Tech City to Boost Advanced Industries and Job Creation
The Eastern Economic Corridor (EEC) Policy Committee has approved the establishment of Blue Tech City, a 1,174-rai special economic zone in Chachoengsao’s Bang Pakong district. The project, announced after a meeting chaired by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, aims to attract 156 billion baht in investments. Blue Tech City will focus on advanced industries, including future mobility, smart electronics, aviation, logistics, and the digital sector. Manufacturers of electric vehicles in the zone will be required to use 90% local content, reinforcing the government’s push for localized production.
Blue Tech City is expected to create over 20,000 jobs and stimulate growth in related sectors such as hospitality and retail. In addition, the EEC committee approved the use of 714 rai of Crown Property Bureau land to expand the Eastern Aviation City project, facilitating the construction of a second runway at U-Tapao International Airport to support Thailand’s growing aviation infrastructure.
https://www.nationthailand.com/business/investment/40044975
Editor’s Note: Thailand’s Eastern Economic Corridor (EEC) has approved the creation of Blue Tech City, a special economic zone in Chachoengsao focused on advanced industries like future mobility, smart electronics, and digital sectors, with a 156 billion baht investment target. The project is expected to create over 20,000 jobs and stimulate growth in sectors such as hospitality and retail, alongside expanding aviation infrastructure. This presents opportunities for foreign companies to invest in the zone’s advanced industries, particularly in electric vehicle manufacturing and digital technologies, while benefiting from the government’s push for localized production.
AWS Launches Asia Pacific (Thailand) Region, Pledges $10 Billion GDP Contribution
Amazon Web Services (AWS) has launched its Asia Pacific (Thailand) Region, marking a major milestone in its expansion across Southeast Asia. Announced on January 8, the new cloud infrastructure includes three Availability Zones designed to provide advanced and secure cloud services with low latency. AWS plans to invest over $5 billion in Thailand over the next 15 years, a move expected to contribute $10 billion to the country’s GDP and support 11,000 full-time jobs annually in sectors such as engineering, telecommunications, and construction. Early adopters of the new infrastructure include prominent Thai organizations like the Stock Exchange of Thailand and the Big Data Institute, leveraging AWS for enhanced scalability, low latency, and compliance with regulatory requirements.
The initiative has received strong backing from Thailand’s government, with Prime Minister Paetongtarn Shinawatra praising AWS’s recognition of Thailand’s potential. The investment aligns with AWS’s commitment to sustainability, skills development, and fostering a digital economy. Since 2017, AWS has trained over 50,000 individuals in cloud skills, with partnerships extending to more than 30 Thai universities. Eric Conrad, AWS’s ASEAN Public Sector director, emphasized the expansion’s role in driving innovation across sectors, particularly in education and healthcare. AWS’s global reach now spans 111 Availability Zones across 35 regions, underscoring its leadership in cloud services and support for digital transformation in Thailand and beyond.
https://www.nationthailand.com/business/tech/40044951
Generative AI Revolutionizing Financial Services: Key Trends for 2025
Generative AI (gen AI) is set to transform the financial services sector in 2025, as institutions deploy the technology at scale to address industry challenges, including rising competition, talent shortages, and growing customer expectations. Key trends include AI-powered search tools that enhance productivity by enabling employees to quickly extract insights from vast data stores and AI agents that streamline routine tasks like loan underwriting and claims adjustment while delivering hyper-personalized customer experiences. These innovations allow banks to improve efficiency, boost revenue, and deepen customer engagement.
Additionally, multimodal AI promises to elevate customer service by processing diverse data types like text, images, and audio for more intuitive interactions, while AI-powered fraud detection offers a robust defense against increasingly sophisticated cyber threats. The success of these initiatives will depend on the quality of banks’ data platforms, which aggregate and ensure the accessibility of data for AI applications. As financial institutions embrace gen AI, they position themselves to thrive in a rapidly evolving digital economy.
https://www.nationthailand.com/business/banking-finance/40044885
Editor’s Note: Generative AI is set to revolutionize the financial services sector in 2025, with trends like AI-powered search tools, automation of routine tasks, and hyper-personalized customer experiences enhancing productivity and customer engagement. Multimodal AI will improve customer service by processing various data types, while AI-powered fraud detection strengthens defenses against cyber threats. The success of these innovations will depend on the quality of banks’ data platforms, positioning financial institutions to thrive in the digital economy.
E-Commerce in Thailand: Key Trends for 2025 and Beyond
Thailand’s e-commerce market remains highly competitive, with the rise of “Owned Channels” and increased pressure on e-marketplaces in 2025. As foreign giants dominate the e-marketplace sector, merchants are turning to independent sales channels to avoid reliance on these platforms, which control customer data and charge high fees. The trend towards “3C Commerce” — combining content, community, and commerce — will reshape how businesses engage with consumers. Additionally, platforms like TikTok are set to evolve into comprehensive service hubs, while AI, automation, and affiliate marketing will revolutionize operations and sales processes.
As stricter government crackdowns target substandard goods, Chinese brands are expected to bring high-quality products into Thailand, intensifying competition in the market. E-commerce automation, the rise of “Vertical Commerce” for niche markets, and the imminent introduction of e-commerce taxes will drive further change in the landscape. Businesses are also tapping into e-commerce listening tools to gain insights into market trends and improve their strategies, positioning themselves for success in a rapidly evolving digital economy.
https://www.nationthailand.com/business/trade/40044859
Editor’s Note: Thailand’s e-commerce market is becoming more competitive, with businesses shifting to “Owned Channels” to avoid reliance on e-marketplaces, while the “3C Commerce” trend—combining content, community, and commerce—transforms consumer engagement. Platforms like TikTok are evolving into service hubs, and AI, automation, and affiliate marketing are reshaping operations and sales processes. Increased competition, government crackdowns on substandard goods, and the rise of niche markets and e-commerce taxes are driving further changes, with businesses leveraging new tools to stay ahead.
Thailand’s Digital-Content Industry Gains Momentum in the Global Market
Thailand’s digital-content sector is rapidly growing, driven by increased access to electronic devices and a shift toward digital consumption. As of November 2024, there were 1,071 digital-content businesses in Thailand, with registered capital totaling 4.80 billion baht. The sector includes animators, game producers, and e-book publishers, with e-book publishers leading the market in revenue and profits. Foreign investment has also surged, with key investors from Malaysia, Japan, and Hong Kong contributing significant capital. Notable Thai characters, such as Plaplatootoo and Butterbear, have gained international recognition, offering opportunities for further product development.
Despite the positive outlook, challenges remain, particularly in securing funds for content creators and digital tools. The Department of Business Development (DBD) emphasized the potential for Thai content creators to expand internationally with proper support, and public-private collaborations are underway to promote Thailand’s digital content and strengthen its global presence. As the industry continues to evolve, Thailand aims to become a key player in the digital-content market, capitalizing on the increasing global demand for digital media.