Vietnamese IT recruiting firm, TopDev has just published a survey of IT engineers and finds that the supply of engineers falls far short of demand and that the rapid increase in companies wanting engineers to work on blockchain project is going to cause imminent disruption in Vietnam’s IT industry.
TopDev projects that companies in Vietnam will need 350,000 ~ 500,000 IT engineers by 2021 but that only 200,000 workers meet the market’s job requirements. The need for IT engineers is growing at 24% each year and more than 50% of engineers said that they were willing to switch jobs immediately if they’re offered higher salaries and benefits.
According to TopDev, the monthly salary for developers ranges from $430 ~ $1,080 USD per month, with front-end web developers earning $295 ~ $480 and back-end web developers getting $400 ~ $550. Experienced IT managers can earn $1,100 ~ $2,400 USD per month and this amount is expected to increase in future.
TopDev also said that the search for jobs related to blockchain was the highest they have seen in the last three years. If developers have experience and knowledge in blockchain, their salaries could increase by 300% due to the exploding demand.
It is estimated that Vietnam currently has more than 100 technology companies and another 5,000 programming companies in the blockchain segment. These companies are developing blockchain technology to serve a variety of industries including accounting, agriculture, education, fintech, insurance, law and public services.
International companies are keen to invest in Vietnamese companies and are also willing to hire and relocate Vietnamese IT engineers to other countries. According to Tong Hsien-Hui of SGInnovate, a Singapore company that provides human and investment capital for tech startup, “There are lots of opportunities for Vietnamese and overseas companies working together.”
An article earlier this year in Forbes magazine said that Vietnam was a “small but mighty powerhouse” for IT outsourcing. According to the author, international technology companies such as IBM, Intel, Microsoft, Nokia and Samsung Display are continuing to make investments in Vietnam’s growing technology workforce and that technology specialists in Vietnam are comfortable with becoming an l extension of global clients and ready to challenge norms and create innovative ideas.