Business

Vietnam cashes in on e-commerce, digital economy

Vietnam’s e-commerce and digital economy are expected to grow further in the time ahead, thus giving a boost to the country's economic development, heard a summit in Hanoi on November 21.
Vietnam cashes in on e-commerce, digital economy ảnh 1Vietnam has seen the highest growth in the digital economy in Southeast Asia in 2022 and 2023. (Photo: VNA)
Hanoi (VNA) – Vietnam’s e-commerce and digitaleconomy are expected to grow further in the time ahead, thus giving a boost to the country's economic development, heard a summit in Hanoi on November 21.

The Vietnam Digital Industry and Trade Summit 2023was jointly held by the Vietnam E-Commerce and Digital Economy Agency under theMinistry of Industry and Trade (MoIT) and relevant agencies.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stressedthat it is time for Vietnam to build new economic models and strategies,adding that over the past years, the MoIT has issued many documents, policiesand strategies to promote digital transformation within the sector, as well ase-commerce nationwide.  

He asked participants to seek solutions to pushahead with the e-government building and digital economy in such key areas asenergy, smart production, e-commerce and logistics.

Vietnam cashes in on e-commerce, digital economy ảnh 2Statistics released by the MoIT reveals that Vietnam’s e-commerce maintained its growth rate of between 16-30% over the past years, reaching 20% in 2022, and it would be valued at 20.5 billion USD this year. (Photo: thanhnien.vn)
Dang Anh Dung, deputy general director of thee-commerce platform Lazada Vietnam, cited statistics showing that 57 million Vietnameseshopped online last year, mostly in Hanoi, Ho Chi Minh City, and Da Nang, and 43%of Gen Z consumers accessed shopping apps every day.

The event featured a plenary session, twoconferences and an exhibition showcasing technologies and solutions for digitaltransformation, smart production and e-commerce with the participation of about20 domestic and foreign businesses.

According to a report released on November 1 byGoogle, Temasek and Bain & Company, Vietnam has seen the highest growth inthe digital economy in Southeast Asia in 2022 and 2023, and it is expected toshare the position with the Philippines in 2025.

Vietnam’s Gross Merchandise Value (GMV) is forecastto gain the Compound Annual Growth Rate (CADR) with a growth rate of 20% from 30billion USD in 2023 to nearly 45 billion USD in 2025.

Notably, e-commerce is projected to drive the GMVgrowth of the national digital economy in the next two years.

Statistics released by the MoIT also revealed that Vietnam’s e-commercemaintained its growth rate of between 16-30% over the past years, reaching 20%in 2022, and it would be valued at 20.5 billion USD this year./.
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