Vietnam's Digital Economy Set to Thrive and Expand

Vietnam's Digital Economy Set to Thrive and Expand

According to a recent report, Vietnam’s digital economy is expected to experience the fastest growth in Southeast Asia, reaching a value of $50 billion by 2025. The surge will primarily be driven by the expansion of e-commerce, with prominent platforms like Shopee and Lazada, as well as major retailers such as Co.opmart, transitioning their operations online. The booming e-commerce sector has also accelerated the digital transformation of various industries including logistics, delivery services, tourism, finance, media, and entertainment.

Delivery services, facilitated by super apps like Grab and Baemin, have witnessed rapid growth. Additionally, online payment systems like e-wallets, e-transaction gates, and e-banking have experienced significant development due to the increased demand for online services. Last year, 61 percent of online purchases in Vietnam were made using cashless payment methods.

However, the digital transition in Vietnam faces challenges, particularly in terms of underdeveloped digital infrastructure and the absence of a standardized and synchronized national database. Furthermore, despite accounting for a significant portion of the country’s businesses, many small and medium-sized enterprises have not fully capitalized on digital opportunities. Outdated regulations and policies that do not align with digitized business models hinder the growth of businesses, while inadequate regulatory frameworks pose challenges for authorities and impact customer benefits.

To address these issues, the HCM City People’s Committee has introduced a plan titled “Developing the Digital Economy, Sharing Economy, and Circular Economy.” The plan aims to encourage enterprises to adopt technology and innovative operational methods to create sustainable goods and services. Additionally, various programs have been implemented to support startups and businesses in digitizing their operations, with a particular focus on key sectors such as fintech, edutech, smart agriculture, and smart tourism.

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