Opswat, a provider of critical infrastructure protection cybersecurity solutions, recently opened a critical infrastructure protection lab in Ho Chi Minh City as the digital transformation has made the cybersecurity industry in Vietnam more attractive, encouraging the establishment of more cybersecurity companies across the country.
The fact that this is the American company’s first location in Asia demonstrates its greater focus on expanding its presence in Asia, especially in Vietnam.
As the country pursues projects in e-government, the internet of things, smart cities, financial technology, and artificial intelligence, Vietnam’s digital economy is anticipated to surpass $43 billion by 2025.
As a result of this nation-wide, unprecedented high demand for digital services, both the public and private sectors are more vulnerable to sophisticated cyberattacks that represent a real threat to private information.
In order to increase the public sector’s cybersecurity capabilities, the Government of Vietnam issued a decree in 2019 requiring state-owned businesses, local governments, and national government agencies to strengthen their cybersecurity capabilities by implementing suitable cybersecurity solutions.
The policy specifically required the public sector to invest at least 10% of their organization’s total yearly information technology expenditure in cybersecurity solutions and initiatives from 2020 to 2025.
The cybersecurity market in Vietnam is anticipated to generate $215 million in total revenue by 2023 and increase at a rate of more than 14.8% annually between 2020 and 2023.
With this growth, Vietnam has seen the emergence of many start-ups in the cybersecurity sector, notably Smart Cyber Security, a provider of cybersecurity digital transformation services.
Additionally, the Vietnam National Cyber Security Technology Corporation (NCS) has also provided cybersecurity assistance to major Vietnamese government agencies, banks, and large financial groups and enterprises.