IDG Plans Major Business Expansion In Vietnam
BOSTON, MA – OCTOBER 28, 2002 – According to Patrick McGovern, founder and chairman of International Data Group (IDG), the world's leading technology media company, Vietnam will exceed $1 billion in annual IT expenditures this year and will have a 22 percent to 25 percent annual increase in IT expenditures between 2003 and 2010, making it one of the fastest-growing major IT markets in the world.
Mr. McGovern, on the occasion of the 10th Anniversary of IDG's participation in the IT market in Vietnam, announced that IDG plans to invest $100 million between now and 2010 to expand IDG's publications, conferences and events, market research, and venture capital activities in Vietnam.
IDG is now the leading IT publisher and events company in Vietnam. It entered the market in 1992 with PC World, published in association with the Vietnamese Center for Science and Technology Information. PC World has grown by 37 percent a year to a paid circulation of 52,000 and is now the largest IT publication in the market. IDG launched a second IT publication, CIO magazine, in 2000. Designed to provide IT strategies to business and government executives, CIO has a paid circulation of 15,000. Mr. McGovern said that IDG plans to launch three to five additional publications in the near future covering such areas as computer networking, microelectronics design and production, telecommunications, and software engineering.
In Vietnam for the 10th anniversary celebration for PC World, Mr. McGovern was honored by the Vietnamese Government with a commendation award for IDG's contributions in providing information and events to support the growth of the IT market in Vietnam.
IDG launched Computerworld Expo in Vietnam in 1996, which attracted 121,000 attendees this past July, and is now the largest IT event in Vietnam. IDG also produces ComNet Expo, Wireless World Expo, and IT in Banking Conference and Expo in Vietnam. In the next twelve months, IDG will launch two additional events: Vietnam High-Tech Fair in December, 2002, in Hanoi, and IT in Education in January, 2003, in Hanoi.
IDG is expanding its market research activity by establishing a wholly-owned subsidiary in Ho Chi Minh City which will service the offices for IDC, IDG's market research subsidiary. By the end of next year, a staff of six full-time market researchers and forecasters will be located at that office.
Mr. McGovern also announced that, in order to further stimulate the growth of the IT industry in Vietnam, IDG is planning to establish a high-tech venture capital fund there. IDG operates a family of technology venture capital funds worldwide. In China, the venture capital operations of IDG have invested over $200 million in 120 high-potential technology companies in the past ten years, and annual financial returns to-date have been over 50%.
"We see a large increase in local entrepreneurs with innovative ideas that deserve funding," said Le Thanh Tam, Managing Director of IDG Vietnam. "The growth of these companies will be supported by the tens of thousands of well-trained IT professionals who are graduating each year from leading universities in Vietnam. We expect Vietnam to be one of the leading world centers for the outsourcing of software development, IT call center support, wireless communications development, and microelectronics. This creates an outstanding investment opportunity."
Headquartered in Boston, International Data Group (IDG) informs more people about information technology than any other company in the world and is the leading global provider of IT media, research, conferences and events. IDG publishes more than 300 newspapers and magazines in 85 countries, led by the Computerworld, InfoWorld, Macworld, Network World, PC World, and CIO global product lines. IDG offers online users the largest network of technology-specific sites around the world through IDG.net (www.idg.net), which comprises more than 330 websites in 70 countries. IDG is also a leading producer of 168 computer-related events in 35 countries, and research arm International Data Corporation (IDC) provides computer industry research and analysis through 51 offices in 43 countries worldwide. Company information is available at www.idg.com.
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