GLOBAL TECHNOLOGY SECTOR: AI AS THE CORE GROWTH DRIVER

2025 marked a major turning point for the global ICT and technology sector, driven not only by traditional digitalization demand, but more importantly by the explosive growth of AI, data, and computing infrastructure. While previous technology cycles revolved around the internet, mobile, or cloud, the current cycle is shaped by an “AI-first economy,” in which AI is no longer a standalone application but has become a foundational infrastructure layer that influences ICT investment decisions across software, hardware, telecommunications, and data centers.

In 2025, AI moved beyond the “experimental” stage and entered a large-scale deployment (scale-up) phase. The emergence and rapid development of next-generation AI models such as DeepSeek, together with the wave of open-source LLMs, have generated two structural impacts. First, AI has become more accessible, with lower deployment costs, enabling rapid expansion across medium-to-large enterprises as well as the public sector. Second, AI has driven a surge in demand for computing infrastructure, including GPUs, AI servers, cloud services, and specialized data centers.

As a result, AI-related spending has significantly outpaced overall global IT growth, becoming the fastest-growing segment with the most attractive profit margins within the ICT ecosystem. The AI boom has elevated data and data-processing capabilities to the status of strategic assets. This explains why global investment in data centers surged in 2025 and is expected to remain elevated in 2026. Unlike previous phases, data centers are no longer merely storage infrastructure, but are evolving into AI-ready / AI-optimized facilities; High power consumption and stringent requirements for energy stability; A preference for markets with competitive operating costs and long-term expansion potential

Against this backdrop, APAC has emerged as the key beneficiary, supported by the combination of strong digitalization demand, solid economic growth, and cost advantages.

Within the APAC picture, Vietnam is increasingly positioned not only as a traditional outsourcing destination, but as a critical node in the regional ICT value chain. In this report, we provide updates on recent developments shaping the outlook of Vietnam’s ICT sector over the past year, including policy dynamics, progress in telecommunications infrastructure, investments in data centers, and advances by domestic companies in the semiconductor segment.

From an investment perspective, we also review ICT stock performance following the “DeepSeek moment” in early 2025, as well as the forward-looking investment outlook.

After reassessing sector prospects following a volatile year and considering expectations for the period ahead, we continue to select FPT and CTR as our two recommended stocks for the coming year.

Related report: AI and Investment Opportunities in 2025

(EN) GTJASVN Research_VIETNAM ICT SECTOR UPDATE REPORT _Jan 2026