Vietnam's digital economy to reach $45 billion by 2025
Vietnam has had the fastest digital economic growth rate in Southeast Asia for two consecutive years.
The above information was presented by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan at the 2023 Vietnam Digital Industry and Trade Summit in Hanoi on Tuesday.
"E-commerce and digital economy are among the bright spots in Vietnam's socio-economic development," said Tan.
The deputy minister cited the recent report from Google, Temasek and Bain & Company showing that Vietnam was the country with the fastest digital economic growth rate in Southeast Asia for two consecutive years (2022 and 2023), and expects that it would continue to hold this position until 2025, sharing with the Philippines.
The total gross merchandise value (GMV) traded on the country's digital environment is expected to reach a compound annual growth rate (CAGR) of 20%, from US$30 billion this year to nearly $45 billion by 2025.
In particular, GMV growth in the next two years of the country's digital economy will be led by the e-commerce sector.
The Ministry of Industry and Trade (MoIT) has issued many documents, policies and strategies to promote digital transformation of the industry and trade sector; focused on strengthening the construction of e-government of the ministry; and promoted digital economic development of the sector and e-commerce nationwide, according to the deputy minister.
As a result, Vietnamese e-commerce had a growth rate of 20% last year. The country’s e-commerce has maintained a growth rate of 16-30% in recent years. It is expected to reach $20.5 billion this year, according to MoIT statistics.
In the coming time, the deputy minister hoped that the development of Vietnam's e-commerce market would create momentum for economic development, helping businesses gain momentum to recover.
"This is also the time to build new models and strategies. From there, it will help restore businesses and expand the market after the difficult situation passes," emphasised Tan.
For the digital economy to see green and sustainable development, the deputy minister said that it was necessary to find trends of technology application in digital transformation and solutions to promote e-government in key areas of energy, smart manufacturing, logistics, sustainable e-commerce market and digital gap narrowing.
Speaking at the event, Le Hoang Oanh, director of the MoIT’s Viet Nam E-commerce and Digital Economy Agency (iDEA) proposed many solutions in related fields.
Regarding digital government solutions, it is necessary to develop a centralised and seamless digital infrastructure; create socio-economic data for management and administration; and build an open database that is easy to access and use in parallel with ensuring information system security and confidentiality.
Regarding solutions for developing the digital economy, it is necessary to build an electronic contract axis, a paperless trade platform; build digital economic statistics indicators develop smart power grids and secure power networks.
Regarding solutions for developing a digital society, it is necessary to strengthen consumer protection on e-commerce; and code of conduct in the online business environment and on e-commerce platforms.
In addition, it is necessary to pay special attention to in-depth training for officials on e-commerce and digital skills; training digital human resources for universities.
It is expected to train one million people from businesses in digital skills and e-commerce within five years.
Viet Nam News
Asia News Network
