Page 6 - JT1-SalaryReport-2024

A LAND OF OPPORTUNITY FOR
EMERGING PRODUCT-CENTRIC IT FIRMS
Another noteworthy development in Vietnam’s dynamic IT 59% 57%
landscape is the increasing appeal it holds for emerging Cost Cutting Tool Enables Focus on
product-centric IT firms, including both startups. They are Core Business
choosing Vietnam as their preferred location to develop their
core offerings and build their initial IT teams. 47% 31%
Solves Capacity Enhances
The driving force behind this trend is the continuous Issues Service Quality
improvement of technical and business skills among
Vietnamese IT professionals. These proficient professionals are 28% 28%
ideally positioned to contribute significantly to the creation of Critical to Access to
innovative products. Moreover, Vietnam offers an enabling Business Needs Intellectual Capital
environment for cost-effective product development and
rigorous testing. This makes it a prime choice for firms 17% 17%
dedicated to bringing new products to market. Manages Business Drives Broader
Environments
Transformational Change
A POSITIVE OUTLOOK FOR 2024
Worldwide IT Spending Forecast (Millions of U.S. Dollars)

2022 2022 2023 2023 2024 2024
Spending Growth Spending Growth Spending Growth

Data Center Systems 221,223 16.6 217,880 -1.5 235,530 8.1
Devices 766,279 -6.3 700,023 -8.6 748,150 6.9
Software 811,496 10.7 922,745 13.7 1,052,956 14.1
IT Services 1,305,699 7.5 1,420,905 8.8 1,585,373 11.6
Communications Services 1,423,075 -1.9 1,461,662 2.7 1,517,877 3.8
Overall IT 4,527,772 2.8 4,723,215 4.3 5,139,886 8.8

Source: Gartner (July 2023)

Businesses can benefit from the increasing global software spending in 2024. This is driven by high demand and
innovation in the software sector across the Asia-Pacific, the U.S., and the EU. To gain a competitive edge in this
market, you need to adopt the latest software technologies and solutions that will improve your performance,
efficiency, and customer satisfaction.

VIETNAM IT LANDSCAPE

BRIDGING THE GAP BETWEEN SUPPLY The number of IT graduates each year
AND DEMAND WITH CATALYST compared to the actual demand
The economic downturn has slowed down the recruitment
market this year, creating an oversupply of candidates for
limited jobs.§ Businesses need to restructure and adapt to
digital transformation and new technologies.¨ Together,
these factors increase the competition and challenges for 25% 35%
job seekers and employers.
Quantity Quality
When it comes to Vietnam’s IT industry, it previously faced
recruitment challenges due to the gap between the supply
and demand of IT personnel. According to a 2022 report,
only 30% of IT graduates met the job requirements.©

2 Vietnam IT demand drives recruitment of qualified personnel | DTiNews - Dan Tri International, the news gateway of Vietnam
3 Vol. 40, No. 1, Special Issue: Digital Transformation in Southeast Asia (April 2023), pp. 127-144 (18 pages). Published By: ISEAS -
Yusof Ishak Institute

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