Although the Covid-19 pandemic severely affected many companies, it has created new opportunities for several industries in Vietnam, including software.
- In the first half of 2021, FPT Corporation, one of the leading technology companies in the Southeast Asian nation, reported a 20.9% growth in pre-tax profits compared to the same period of 2020. Specifically, its pre-tax profits reached around USD 127.7 million on a turnover of USD 705.6 million.
- Another ICT company, CMC Group, also reported a significant increase in revenues and earnings in the second quarter of 2021. Despite the pandemic, CMC continued to expand its business and attract more clients. The company’s combined revenues climbed by 5.8% to USD 215 million, while the overall exports increased by 3.4% to USD 175.9 million.
Sectors relying on physical services and in-person clients, such as hospitality and tourism, have been damaged by stay-home restrictions and company closures. However, ICT companies appear to thrive as demands for electronic devices and software significantly increase.
The Covid-19 pandemic promoted people’s daily screen time by a third and accelerated companies’ adoption of digital technology by several years, resulting in the software sector experiencing higher than expected growth. Apart from technology, data, and process, organizational change is also a key factor in digital transformation contributing to accelerating software development.