HCMC – Vietnam’s digital economy is expected to reach US$39 billion in gross merchandise value (GMV) by 2025, making it the second-fastest-growing market in Southeast Asia, according to the e-Conomy SEA 2025 report jointly released by Google, Temasek, and Bain & Company.
The report highlights Vietnam as the regional leader in AI readiness and consumer trust, with 81% of users interacting with AI daily and 96% expressing strong confidence in AI tools.
E-commerce remains the largest driver of growth, accounting for nearly two-thirds of the digital economy and projected to exceed US$25 billion next year.
Vietnam also ranks as the second-largest and second-fastest-growing video commerce market in Southeast Asia, with transactions rising 60% year-on-year to 1.3 billion, supported by around 650,000 sellers.
Other key sectors continued double-digit expansion. Online transport and food delivery are expected to climb 20% to US$5 billion, driven by rising demand and faster adoption of electric vehicles. Online media revenues are set to increase over 16% to US$6 billion, buoyed by gaming, where three Vietnamese studios made it into the global top 15 by downloads.
Digital financial services are emerging as another major growth engine. Total digital payment value is forecast to reach US$178 billion in 2025, supported by widespread e-KYC, 30 million active e-wallets, and VietQR’s cross-border compatibility with Thailand and Cambodia.
“Vietnam’s digital economy is demonstrating robust resilience, fueled by users’ effective access to and adoption of AI in both life and work,” said Marc Woo, managing director, Google Vietnam. “Driven by the digital economy’s positive growth and the region’s highest AI adoption rate, Vietnam has established itself as one of the most pivotal markets in Southeast Asia’s digital evolution, contributing to enhanced productivity and value creation across various sectors.”
According to Erik Pot, partner at Bain & Company, Southeast Asia’s digital economy has demonstrated extraordinary growth and resilience over the past decade, maintaining momentum despite periods of investor caution and a shifting macroeconomic landscape. He said Vietnam has emerged as one of the region’s most dynamic markets, leading Southeast Asia in AI adoption and consumer trust while continuing to post strong growth across e-commerce, digital financial services, and video commerce, which expanded 60% year-on-year.
Pot noted that Vietnam’s digital economy is on track to reach US$39 billion by 2025, underscoring how trust and technology are combining to drive inclusive growth at scale. He added that the key opportunity ahead lies in how businesses leverage AI as a catalyst for impact while navigating the country’s structural realities.
