Illustrative image (Source: internet) Hanoi (VNA) - Vietnam's digital economy was valued at 9 billion in 2018and is expected to reach 30 billion by 2025, according to Open Gov Asia.
In an article published on September 24, Open Gov Asia said Vietnam’s digital economy is growing rapidly, making importantcontributions to the country’s economy.
Over the past years, Vietnam has witnessed an increase in online shopping, thearticle said, adding that the boom of e-commerce and the emergence of newbusiness models on the Internet have changed consumption habits of Vietnamesepeople.
It stressed that e-commerce is thefastest developed field in Vietnam, growing at about 30 percent a year, withrevenue in 2018 valuing at about 8 billion USD and predicted to reach at least10 billion USD by 2020.
According to the article, telecommunications enterprises in Vietnam have alsogrown with a turnover of about 6.1 billion USD, creating more than 851,000jobs. Meanwhile, the online advertising industry is growing rapidly, withforecast revenue of more than 1 billion USD by 2020, three times higher thanthe figure in 2016.
However, the article also pointed out challenges facing Vietnam in the contextof the explosion of a digital economy, especially cyber security, and competitivepressure in the integration process.
To reach sustainable growth, Vietnam needs comprehensive measures and joint effortsfrom both State and private sectors, including creating favourable legalcorridors and normative documents that are appropriate for a digital economy, upgradingdigital infrastructure and equipping modern digital technology solutions, givingtax incentives for investment activities, developing digital infrastructure andinformation security./.
VNA
