Vietnam’s digital economy grows fastest in SA

Vietnam will remain the region’s fastest growing digital economy between 2023-2025, according to the 8th edition of the e-Conomy SEA Report published on November 7 by Google, Temasek and Bain & Company.

Wednesday, November 08, 2023 09:13

Vietnam’s digital economy grows fastest in SA ảnh 1

Vietnam will remain the region’s fastest growing digital economy between 2023-2025. (Photo: weforum.org)

Hanoi (VNA) – Vietnam will remain the region’s fastestgrowing digital economy between 2023-2025, according to the 8th edition of the e-Conomy SEA Report published on November 7 by Google, Temasekand Bain & Company.

It will grow at 20% in two years, the same level as the Philippines, andfollowed by Thailand (17%), Indonesia (15%), Malaysia (14%), and Singapore(13%).

Despite global macroeconomic headwinds, the country’s gross merchandise value(GMV) is expected to near 45 billion USD by 2025, the third highest inthe region after Indonesia (109 billion USD) and Thailand (49 billion USD).

The main contributors to Vietnam’s digital economy include e-commerce which will grow 22% to reach 24 billion USD in 2025, online tourism (up 21% to 7 billion USD)and online media (up 15% to 7 billion USD).

The country also records the fastest growth for digital financial services (DFS) inthe region, the report said.

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The country’s gross merchandise value (GMV) is expected to near 45 billion USD by 2025. (Photo: VNA)

Digital payments continue to grow in the country, driven by strong support fromthe Government, investment from commercial banks, and the popularity of QRcodes.

The trend is expected to accelerated as the State Bank of Vietnam hasencouraged cashless payments in rural and remote areas, it added.

Marc Woo, Managing Director at Google Vietnam and Asia Pacific, said the development of Vietnam’s digital economy is on the right track, and Google willcontinue comprehensive support for the country to branch out its digitaleconomy by promoting development of the Vietnamese startup and investing inhuman resources training, among others./.

VNA

#Vietnam #digital economy #fastest growth #e-Conomy SEA Report #macroeconomic headwinds #e-commerce #online tourism #digital payment #Vietnam News Agency #Vietnamplus

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