ANN/VIET NAM NEWS – Vietnam has had the fastest digital economic growth rate in Southeast Asia for two consecutive years.
On Tuesday, at the 2023 Vietnam Digital Industry and Trade Summit in Hanoi, Vietnamese Deputy Minister of Industry and Trade cited reports from from Google, Temasek and Bain & Company highlighting the country’s economic growth.
The reports said Vietnam 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 USD30 billion this year to nearly USD45 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 USD20.5 billion this year, according to MoIT’s data.
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 Tân.
