Looking ahead to 2024, Vietnam’s economic prospects are bright. The country’s GDP is expected to grow significantly, fueled by robust international trade and supportive government policies. Against this positive backdrop, Forrester anticipates a substantial increase (+10.4%) in tech spending in Vietnam for the year 2024. As Vietnamese organizations strive for growth that is both competitive and sustainable, they encounter a variety of challenges and opportunities within the business and technology sectors. Here are some actionable insights from our latest report:
- Business priorities and challenges. Vietnamese firms are balancing short-term financial performance with long-term market positioning, emphasizing both growth and brand reputation. The National Brand Program echoes this sentiment, promoting Vietnam as a producer of competitive, high-quality goods and services. However, the journey to growth is not without its challenges. Ineffective measurement of outcomes, limited resources, and resistance to tech adoption pose significant hurdles. These challenges underscore the need for robust strategic planning, partnerships, and automation.
- IT priorities and actions. Vietnamese organizations are prioritizing IT reliability and resilience, with actions focused on modernizing infrastructure and improving stakeholder experiences. However, they face challenges such as resource constraints, security concerns, and communication gaps. Lack of resources includes budget constraints, a shortage of skilled personnel, and inadequate technology that hinders IT efficiency and alignment with business objectives. The key to addressing these challenges lies in achieving superior alignment in strategy, operations, and leadership.
- Tech investments. As Vietnam strides forward in the digital age, a significant majority of its business and technology leaders are preparing to ramp up their technology investments. The application of AI in IT operations and software development processes is a strategic priority. However, the rise in technology adoption has brought along increased concerns around information security and data privacy. Given the escalating cybersecurity threats, it’s not surprising that security and risk management are set to see substantial investments in the coming year.
To navigate these complexities, CIOs in Vietnamese organization must ensure efficient resource management, comprehensive security measures, and improved communication channels to align IT initiatives with strategic goals. Forrester’s High-performance IT framework can help drive relentless and superior alignment in three dimensions: strategy, operations, and leadership.
For more detailed insights and recommendations, Forrester clients can read the full report here. Engage with Forrester analysts to explore how these findings can help shape your organization’s strategic planning for 2024.
