Vietnam IT services market to hit $4.39Bn by 2031 at 11% growth: study
HO CHI MINH, VIETNAM — Vietnam’s IT services market is valued at $2.37 billion in 2025 and projected to reach $4.39 billion by 2031 at a 10.82% compound annual growth rate, according to a Vietnam Briefing market analysis.
According to a report from Vietnam Briefing, IT outsourcing accounts for 39.05% of current market share, with cloud and platform services growing faster at an 11.86% CAGR through the same period — a market composition that reflects both strong local technology consumption and growing demand from offshore clients.
Vietnam IT outsourcing leads at 39% market share
BFSI is the largest vertical at 26.55% of 2025 IT services revenue, while healthcare and life sciences is growing fastest at a 12.15% CAGR — both categories encompass outsourcing functions that global BPO clients are actively redirecting toward Southeast Asian delivery markets as cost pressures and AI-driven workflow modernization accelerate.
Large enterprises account for 67.72% of current demand, but SME adoption is growing at a 12.74% CAGR — the faster rate among mid-sized buyers reflects structural outsourcing of IT functions previously managed in-house, expanding the addressable market beyond the enterprise tier.
Three hubs serve Vietnam’s 1.26 million IT workforce
Vietnam’s 1.26 million IT professionals are concentrated across three delivery hubs: Ho Chi Minh City (55% of the IT workforce), supported by Quang Trung Software City and Saigon Hi-Tech Park; Hanoi (35%), backed by a US$24 million venture capital fund targeting AI and semiconductor development; and Da Nang, an emerging third hub identified as the most cost-effective delivery location.
More than 73,800 IT businesses operate across Vietnam, giving enterprise buyers access to a competitive delivery market spanning application development, infrastructure management, QA, and business process support across the country’s three primary talent clusters.
The Vietnamese government is targeting 100,000 ICT graduates annually by 2030-2035, with 15% at master’s or doctoral level — a talent pipeline investment designed to support higher-complexity IT mandates as the market matures toward the upper end of its 2031 projection.
Vietnam’s 11% CAGR through 2031 places it among Southeast Asia’s fastest-growing IT markets — a trajectory backed by AI and semiconductors development that most comparable regional markets cannot yet match.
For BPO and IT services buyers evaluating Southeast Asian delivery, Vietnam’s combination of competitive pricing, growing BFSI and healthcare IT capability, and dual-hub talent access positions it as the region’s clearest competitor to established Philippines and India concentrations.
The 11% CAGR projection is backed by a government talent pipeline strategy and an active venture capital ecosystem building the technical capacity to deliver on it. At $4.39 billion by 2031, Vietnam’s IT services market is no longer an emerging option — it is a scaled one.
