Vietnam Telecom Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 1.44%.
The electrical transmission of information across very long distances, including voice, data, and video, is referred to as telecommunications or telecom. A wide range of information-transmitting tools and communication systems are included under this umbrella word, including telegraphs, wired and wireless phones, satellites, microwave communications, fiber optics, radio and television transmissions, and mobile phones.
Vietnam Telecom Market Driving Factors and Challenges
The Vietnam telecom industry has grown as a result of the rising use of smartphone services, improved communication services, and the growing population. Controlling bodies would support and encourage the growth, which is essential for the country's implementation of a 5G strategy. The transfer of the government's network coverage from 3G and 4G to 5G networks is one of its lofty goals.
Furthermore, For network coverage, the government has ambitious plans to switch from 3G and 4G to 5G networks. For instance, the Ministry of Information and Communications (MIC) claimed completing the installation of 5G stations with download and upload speeds of 900 Mbps and 60 Mbps using open radio access network (ORAN) technology.
Vietnam's telecom sector has recently faced a number of significant difficulties. One of the major difficulties is the intense competition among telecom service providers. Due to the increased rivalry for market share from several firms, pricing wars and aggressive marketing strategies have become more common, making it challenging for companies to continue to be profitable while offering customers fair services.
The creation of infrastructure is yet another major barrier. Even though Vietnam has made tremendous progress in developing its communication infrastructure, particularly in urban areas, there still exists a significant digital divide between urban and rural areas.
Impact of COVID-19 on Vietnam Telecom Market
People started working from home more frequently during the COVID-19 pandemic, and they also spent more time at home watching television and playing video games. According to predictions, OTT service providers with on-demand video content would keep driving the growth of the Vietnamese telecom business.
Vietnam Telecom Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Viettel, VNPT (Vietnam Posts and Telecommunications Group), FPT Telecom, MobiFone, and VinaPhone, Saigon Post and Telecommunications Services Corporation, Vinaphone.
Vietnam Telecom Market Segmentation:
By Services: Based on the Services, Vietnam Telecom Market is segmented as; Voices Services, Data and Messaging Services, OTT and PayTV Services oxes, Bags, Tapes, Protective Packaging, Labels, Mailers, and Others.
By Region: This research also includes data for Eastern Region, Southern Region, Western Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.