Việt Nam's digital economy to reach $45 billion by 2025

Tuesday, Nov 21, 2023 16:40

The 2023 Việt Nam Digital Industry and Trade Summit in Hà Nội on Tuesday. Photo

Việt Nam 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 Nguyễn Sinh Nhật Tân at the 2023 Việt Nam Digital Industry and Trade Summit in Hà Nội on Tuesday.

"E-commerce and digital economy are among the bright spots in Việt Nam's socio-economic development," said Tân.

The deputy minister cited the recent report from Google, Temasek and Bain & Company showing that Việt Nam was the country with the fastest digital economic growth rate in Southeast Asia for two consecutive years (2022 and 2023), and expecting 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 per cent, 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 per cent last year. The country’s e-commerce has maintained a growth rate of 16-30 per cent 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 Việt Nam'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 Tân.

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, Lê Hoàng Oanh, director of the MoIT’s Việt 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 and develop smart power grids and secure power networks.

Regarding solutions for developing digital society, it is necessary to strengthen consumer protection on e-commerce; 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. VNS

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