Vietnam is on its way to becoming one of the fastest growing digital economies in the world, according to a recent report by Google, Bain & Company, and Temasek. The report predicts that the value of Vietnam’s digital economy will reach $49 billion by 2025, driven by the increasing number of online and livestream sales.
With almost 55 million online consumers as of 2021, Vietnam already has a strong e-commerce market, and the proportion of e-commerce platforms is rapidly growing, up from 13% to over 20%. This growth is due to the country’s efforts to adapt to the growing number of shoppers who are now buying more goods online.
One example of this trend is in Vu Dai Village, where citizens are now able to sell their famous braised fish online through e-commerce platforms. This has opened up new opportunities for the village and helped to bring the local economy into the digital age.
Businesses, both B2B and B2C, are thriving in Vietnam, and the country has made significant progress in terms of digital, according to the European Center for Digital Competitiveness (ECDC). The ECDC gave Vietnam a score of 339, putting the country ahead of other countries in the East Asia and Pacific region.
In an effort to further boost the digital economy, the Vietnamese government has declared 2023 as the “Year of Digital Data.” The government aims to provide internet connection to the entire population and to elevate the digital experience for consumers.
According to Vietnam’s Minister of Information and Communications, Nguyen Manh Hung, over 30% of small and medium-sized enterprises (SMEs) are already using digital tools to grow their businesses. With the government’s support, it is expected that this number will continue to increase in the coming years.
Overall, Vietnam’s digital economy is poised for rapid growth in the next few years, driven by a combination of government support, increasing consumer demand, and a growing number of businesses that are adapting to the digital age. With its focus on digital data and the elevation of the digital experience, Vietnam is on its way to becoming a leader in the digital economy of the future.