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Vietnam leads in Southeast Asia’s digital economy surge

The Saigon Times

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HCMC – Vietnam has consistently outpaced its Southeast Asian counterparts by maintaining its position as the fastest-growing digital economy in 2022 and 2023, and it is poised to sustain this impressive growth through 2025, according to reports from Google, Temasek, and Bain & Company.

Amid the backdrop of a challenging global economic environment, Vietnam’s digital economy continues to shine brightly, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said at the Vietnam Digital Industry and Trade Summit 2023, held in Hanoi on November 21.

Reports published by Google, Temasek, and Bain & Company on November 1 project that Vietnam’s gross merchandise value (GMV) will experience a robust compound annual growth rate (CAGR) of 20%, surging from US$30 billion to US$45 billion by 2025. The report underscores that the driving force behind this GMV growth in Vietnam’s digital economy over the next two years will be the thriving e-commerce sector.

“The Vietnamese e-commerce sector has achieved remarkable growth in recent years, ranging from 16% to 30%. In 2020 alone, the sector expanded by 20% and is projected to generate revenue of US$20.5 billion this year,” stated the deputy minister.

He expressed optimism that e-commerce and the digital economy in Vietnam will continue to flourish in the years ahead, fostering economic growth and supporting business recovery and expansion.

Deputy Minister Tan stressed the significance of identifying technology trends in digital transformation and implementing measures to enhance e-Government in critical sectors, ultimately driving the growth of the digital economy.

As part of the Government’s endeavors to stimulate domestic consumption and encourage residents to engage in e-commerce and digital technology-based transactions, the National E-commerce Week event is scheduled to take place from November 27, 2023, followed by the Online Friday 2023 program starting at 00:00 on Friday, December 1, 2023.

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