US$446 million allocated for IT industry

(VOV) -Despite macroeconomic challenges, Vietnam invested US$446 million in its information technology (IT) industry in 2013, up 9.9% from a year earlier, according to the latest report by the International Data Corporation (IDC).

IDC revealed that about 41% of the investment was allocated for developing hardware services, which are facing difficulties due to low demand from other sectors like banking, insurance, production, and retail.

Vietnam’s strong investment in e-government, cloud computing, data centre, and geographic information system (GIS) has increased demand for systematic integration services and driven up the growth rate in these areas to 9.7% compared to 2012’s figure. IDC also predicted that Vietnam’s IT industry will achieve a 12.7%  annual growth this year.

In addition, the US$71.8-million IT and financial sector modernization project undertaken by the State Bank of Vietnam (SBV) is also expected to provide fresh impetus for the IT industry this year.