Vietnam Cyber Security Market Report and Forecast 2025-2034

The Vietnam cyber security market was valued at USD 297.40 Million in 2024. The industry is expected to grow at a CAGR of 15.70% during the forecast period of 2025-2034 to attain a valuation of USD 1.27 billion by 2034.

Vietnam Cyber Security Market Growth

The rising threats of ransomware and phishing attacks, increased adoption of cloud services, and the expansion of the IT infrastructure are some of the prominent market drivers. Vietnam's rapidly growing IT infrastructure through governmental initiatives, which includes the increase in number of data centres and the implementation of 5G networks, requires strong cybersecurity protocols to ensure the reliability of essential services. All of these heavily contribute towards Vietnam cyber security market revenue.

The burgeoning popularity of the zero-trust security models is growing in the country due to its recognition that threats can originate from both internal and external sources. This model has emphasised the importance of thoroughly verifying users and devices to reduce the risk of unauthorised access and data breaches. Moreover, as several organizations look to outsource their security demands to expert providers, the demand for managed security services is increasing. Managed security service providers (MSSPs) offer a comprehensive suite of services, such as threat monitoring, incident response, and compliance management and therefore boost the cyber security demand growth in Vietnam.

Key Trends and Recent Developments

Growing awareness of cybersecurity risks, the development of cybersecurity ecosystems within the country, and increased adoption of AI and ML are the key Vietnam cyber security market dynamics and trends.

August 2024

During the 14th India-Vietnam Defence Policy Dialogue, co-chaired by India's Defence Secretary Giridhar Aramane and Vietnam's Senior Lieutenant General Hoang Xuan Chien, India proposed expanding the defence cooperation with Vietnam into 5 areas including cyber security and information security.

April 12, 2024

The damage from cyberattacks amounts to significant financial losses, with phishing, scam calls and data breaches proliferating. Hence, the Prime Minister of Vietnam, Pham Minh Chinh, issued a directive, urging ministries, sectoral bodies and local government agencies to conduct a thorough review of the country's cybersecurity landscape.

April 2024

India's Whizhack Technologies signed a deal with a leading Vietnamese Cyber Security Total Solutions and Logistics Limited. Total Solutions and Logistics specialises in electronic manufacturing systems for providing cybersecurity training, products and managed services to various IT and manufacturing industries in Vietnam.

January 2024

As per Vietnam cyber security industry analysis, the Department of Cyber Security and High-Tech Crime Prevention and Control at the Ministry of Public Security (MPS) and UN Women organised a workshop in Hanoi, to promote dialogue and seek actionable solutions in the realm of cybersecurity, ensuring the safety and privacy of women and girls, including women leaders and women's organizations.

Increased adoption of AI and ML

Artificial Intelligence (AI) and Machine Learning (ML) are rapidly increasing in popularity across the globe. These AI and ML algorithms can analyse large datasets to detect anomalies and potential threats, while AI-driven systems can automate tasks such as blocking malicious traffic. Additionally, AI provides valuable insights into security posture and trends, enhancing overall security analytics.

Growing awareness of cybersecurity risks

Government and industry initiatives are raising awareness of cyber threats among the general public and businesses through public awareness campaigns. Compliance with data privacy regulations often requires organizations to implement specific cybersecurity measures for which regulatory mandates are issued. Additionally, organizations are developing incident response plans to reduce the impact caused by cyberattacks, which will likely influence the cyber security demand forecast in the country.

Development of cybersecurity ecosystems within the country

The Vietnamese government is actively investing in cybersecurity research, education, and infrastructure. On August 10, 2022, the Prime Minister approved the ‘Strategy for National Cyber Safety, Security, Active Responses to Challenges from Cyberspace' until the year 2025 and Vision to 2030. Coupled with local startups that are developing innovative cybersecurity solutions, now universities and training institutions are also offering cybersecurity training and education programs.

Robust growth of cloud computing and IoT technologies

The key trend of Vietnam cyber security market is the increasing number of IoT-enabled devices which is making it easier for hackers to attack networks. This has forced companies to improve their cybersecurity to stay safe. Many companies are also moving their data to the cloud, and adopting cloud computing often using a mix of different cloud service providers. This means they need better cybersecurity to protect their data from hackers who might try to steal information or steal people's identities.

Vietnam Cyber Security Industry Segmentation

“Vietnam Cyber Security Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering:

• Solutions_x000D_ _x000D_ Identity and Access Management _x000D_ Antivirus/Antimalware _x000D_ Encryption and Tokenisation _x000D_ Compliance and Policy Management _x000D_ Firewall _x000D_ Others _x000D_ _x000D_
• Solutions_x000D_ _x000D_ Identity and Access Management _x000D_ Antivirus/Antimalware _x000D_ Encryption and Tokenisation _x000D_ Compliance and Policy Management _x000D_ Firewall _x000D_ Others _x000D_ _x000D_
• Services
• Services

Market Breakup by Deployment Mode:

• On-Premises
• Cloud

Market Breakup by Organisation Size:

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security:

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical:

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

Market Breakup by Region:

• Southeast
• Red River Delta
• Mekong River Delta
• South Central Coast
• Others

Vietnam Cyber Security Market Share

Based on industry vertical, the market is divided into BFSI, government, healthcare and life sciences, aerospace and defence, and manufacturing, among others. The BFSI sector holds a prominent market share due to the sensitive financial data as well as the large number of transactions it handles on a regular basis, which makes it sensitive to cyber-attacks. To deal with this, there is a high demand for continuous monitoring and security protocols that can maintain a robust security infrastructure in banks and other financial institutes.

Leading Companies in the Vietnam Cyber Security Market

The market players are forming partnerships with local as well as international firms to meet the evolving regulatory landscape.

• IBM Corporation
• Microsoft Corp.
• Cisco Systems Inc.
• Amazon Web Services, Inc.
• Oracle Corporation
• CMC Corp.
• Dell Inc.
• FPT Corp.
• Fortinet Inc.
• HPT Vietnam Corporation
• Others

Vietnam Cyber Security Market Report Snapshots

Vietnam Cyber Security Market Size

Vietnam Cyber Security Market Growth

Vietnam Cyber Security Market Share

Vietnam Cyber Security Companies