Viet Nam’s digital economy forecasted to reach US$43 billion by 2025

Viet Nam’s digital economy is projected to reach US$12 billion in 2019 and US$43 billion by 2025, according to E-Conomy Southeast Asia 2019 Report jointly released Thursday by Temasek, Google and Bain & Company.


Projected growth of Internet economy in six Southeast Asian countries

Viet Nam is one of the two fastest-growing digital economies in Southeast Asia, with the average growth rates in excess of 40% since 2015, in which e-commerce is a key driver behind the impressive numbers.

These dynamics are unlocking opportunities for entrepreneurial Vietnamese SMBs, which have jumped onboard the Internet economy to do business, says the Report

Investor confidence in Viet Nam is on the rise. Over the last four years, Viet Nam’s Internet economy has attracted almost US$1 billion in funding, with 2019 in line to be a record year.

Viet Nam has set goal to increase the GDP share of digital economy to 20% by 2025, according to the Resolution No. 52-NQ/TW of the Politburo on guidelines for participation in the 4th Industrial Revolution.

The 2019 report covers five key sectors of the Internet economy: Online Travel, Online Media, Ride Hailing, e-Commerce, and Digital Financial Services across Southeast Asian countries.

Just over a decade ago, four in five Southeast Asians had no Internet connectivity and limited access to the Internet. Today, Southeast Asians are the most engaged mobile Internet users in the world. There are 360 million Internet users in the region and 90% of them connect to the Internet primarily through their mobile phones.

Southeast Asian people communicate with their families, friends and colleagues, entertain themselves, learn new skills and become more productive. Increasingly, they also buy products, plan trips and order food online. All of this takes place millions of times every day across the region. A vision that was almost impossible to imagine is now daily routine.

Powered by these fundamental changes in consumer behavior, the Internet economy continues to grow at an unprecedented pace, soaring to US$100 billion for the first time in 2019, more than tripling in size over the last four years.

The Internet economies in Malaysia, Thailand, Singapore and the Philippines are growing by between 20% and 30% annually, with no signs of slowing down./.



Related Posts

Viet Nam to go into 15-day nationwide social distancing to curb COVID-19

Viet Nam will begin nationwide social distancing within 15 days, starting 00:00 on April 1, with the principle of every household, village, commune, district and province going into self-isolation, according to the latest directive signed by PM Nguyen Xuan Phuc.

SEA Game 30: Curtain falls, SEA Games flag goes to Vietnam

The 30th Southeast Asian Games (SEA Games 30) in the Philippines ended with a spectacular music and light feast-inspired closing ceremony, and the official flag handover to Vietnam – the host of the 2021 event.

Agro-forestry-fishery exports hit over US$33 million

Vietnam’s agro-forestry and fishery exports brought in more than US$33 billion in the first ten months of 2019, up 1.6% compared with the same period of last year.

Vietnam attracted over US$29 billion in FDI in the first ten months

Vietnam attracted US$29.11 billion in foreign direct investment (FDI) in the first ten months of 2019, up 4.3% over the same period last year, according to the Ministry of Planning and Investment.

WEF: Viet Nam improves the most on global competitiveness

Viet Nam jumped 10 notches to 67th out of 141 economies on the global competitiveness ranking, according to the 2019 Global Competitiveness Report released by the World Economic Forum (WEF).