Tech consulting rates in Vietnam: An In-depth analysis

Vietnam, with its rapidly growing economy, is emerging as one of the most promising markets in Southeast Asia. The IT Consulting & Implementation market in Vietnam is no exception to this trend, as it is experiencing significant growth in recent years.

Market Overview

Vietnam, a vibrant country in Southeast Asia, is making its mark on the global stage with its rapidly growing economy. This growth is not just confined to traditional sectors but is equally evident in the realm of technology and IT services.

• The boom in IT consulting & implementation

The IT Consulting & Implementation market in Vietnam is experiencing a significant surge. The revenue in this sector is projected to reach an impressive US$99.48m in 2024. This growth trajectory is not a short-term phenomenon. The market is expected to continue its upward trend, showing an annual growth rate (CAGR 2024-2028) of 10.25%. This rate of growth is anticipated to result in a market volume of US$147.00m by 2028.

• Spend per employee

A key indicator of the health of the IT Consulting & Implementation market is the average Spend per Employee. In Vietnam, this figure is projected to reach US$1.68 in 2024. This statistic is a testament to the increasing investment in IT services and the growing importance of tech consulting in the country’s business landscape.

When we compare this with the global average, there is a significant difference. The average Spend per Employee in the IT Consulting & Implementation market worldwide is projected to reach US$20.63 in 2024. This is more than 12 times the projected figure for Vietnam.

Looking at Europe, the average Spend per Employee in the IT Consulting & Implementation market is projected to reach US$54.72 in 20242. This is over 32 times the projected figure for Vietnam.

These comparisons highlight the cost-effectiveness of the IT Consulting & Implementation market in Vietnam. Despite the lower Spend per Employee, the quality of IT services in Vietnam is competitive, making it an attractive destination for businesses seeking tech consulting services.

Tech consulting rates

• Competitive pricing

Like stated above, when it comes to tech consulting rates, Vietnam stands out for its competitive pricing. The hourly wage for IT outsourcing software development in Vietnam is about 18 USD. This rate is equivalent to 64% of the rates in other Asian nations and just 10% of the rates in the US. This cost-effectiveness is one of the key factors that make Vietnam an attractive destination for tech consulting and IT services.

• Quality vs. cost: Striking the balance

While the low rates are certainly appealing, it’s important to note that this does not mean a compromise on quality. Vietnamese tech consultants are known for their technical expertise, problem-solving skills, and commitment to delivering high-quality solutions. Therefore, clients can expect to receive excellent service that provides value for money.

• The impact of competitive rates

The competitive rates of tech consulting in Vietnam have several implications. For businesses, it means reduced costs and increased savings. For the tech consulting market, it translates into more business opportunities and a higher demand for services. And for the economy, it means more foreign investment and a boost to the IT sector.

Top Tech Consulting Firms in Vietnam

Vietnam is home to several top-notch tech consulting firms that are making their mark in the global IT landscape. Some of the leading firms include FPT, Tech-One.io, Magister Marketing and Consultancy, xolve branding, iPower Partner, and InCorp Vietnam. Another noteworthy firm is Sphinx, a leading IT company with a strong presence in Vietnam and branches in South Korea and Australia. These firms, with their diverse range of services and commitment to excellence, are driving the growth of the tech consulting sector in Vietnam of services. 

Conclusion

Vietnam’s tech consulting market is a dynamic and rapidly evolving landscape. With competitive rates, high-quality services, and a host of top-notch tech consulting firms, the country is fast becoming a go-to destination for businesses seeking tech consulting services. Among these firms, Sphinx stands out as a leading IT company with a strong presence in Vietnam. As the IT Consulting & Implementation market continues to grow, Vietnam is well-positioned to become a leading player in the global tech consulting arena. The future of tech consulting in Vietnam looks promising, and it will be exciting to see what the next few years bring.