According to the Southeast Asia Digital Economy 2023 report by Google, Temasek and Bain & Co, Southeast Asia’s digital economy revenue will likely reach 100 billion USD this year. In particular, Vietnam is forecast to be the country with the fastest digital economic growth in the region for two consecutive years (2022 and 2023) and this growth momentum will maintain until 2025.
Vietnam’s digital economy is predicted to reach 45 billion USD by 2025 thanks to expectations of strong economic growth. (Source: Google, Temasek, Bain & Co)
Commenting on Vietnam’s digital economy, Google, Temasek and Bain & Company said that Vietnam’s growth and total merchandise value (GMV) in the next 2 years will be led by e-commerce and tourism. online calendar. The fields that are forecast to grow and contribute significantly to promoting the digital economy in Vietnam are food transportation (food delivery) and online media.
In 2023, the food delivery service segment in Vietnam has a growth rate of 10%/year, with an expected scale of about 4 billion USD by 2025. With online communication, the scale of the Vietnamese market is forecast at about 7 billion USD with a compound growth rate of 15%/year in the period 2023-2025.
Vietnam is also the fastest growing country in Southeast Asia in digital payment services in 2023 with a growth rate of 19%. This is due to the irreversible shift of in-person purchasing behavior to online.
With extremely positive statistics, Mr. Marc Woo – Managing Director, in charge of the Vietnam market of Google Asia – Pacific said: “Vietnam’s digital economy is developing in the right direction.” This can be seen as a solid step for Vietnam in particular and the Southeast Asia region in general to have a digital economic boom in the coming years.
In fact, we can look at the story of Vietnam, the digital economy considered the most dynamic in Southeast Asia, to see the general picture of the entire region.
To promote the digital economy, since 2019, Vietnam has given birth to the Vietnamese digital technology business community, with the mission Make in Vietnam: Research in Vietnam; Creativity in Vietnam; Made in Vietnam. In just the past 4 years, Vietnam’s digital technology industry – an important pillar of the digital economy – has made remarkable developments.
The number of Vietnamese digital technology enterprises has increased by 30%, digital technology industry revenue increased by 32%, and the Make in Vietnam proportion of digital technology industrial products increased from 21% to 29%. The field of software production for foreign countries alone has seen a growth rate of up to 43%. Vietnam currently has over 1,400 businesses of this type, with revenue approaching the 10 billion USD mark.
GHTK APP logistics platform of Economical Delivery Joint Stock Company won the Gold award in the category of Excellent Digital Technology Products for Digital Economy. (Photo: Le Anh Dung)
Slogan Make in Viet Nam Since its inception, it has been like a summons, to convey the Vietnamese government’s orientation on the shift in development direction of digital technology businesses.
When implementing strategy Make in Viet Nam, businesses will have to be more creative, design more, thereby promoting intelligence and creativity in solving the country’s big problems, and from here going global. The added value in Vietnam will therefore also be higher than simply processing and assembling.
It is the digital technology products designed, created and made in Vietnam that have had a great impact on bringing the activities of people, businesses and authorities to the digital environment, contributing to promoting promote the development of digital government, digital economy and digital society in Vietnam.
In the near future, tens of thousands of Vietnamese digital technology businesses will go into each industry and field to create digital applications, help digital transformation, and develop the digital economy. This is the way Vietnam chooses to escape the middle-income trap and realize its aspiration of strength and prosperity.
Like many other Southeast Asian countries, Vietnam has been having its own ways, with its own colors, to solve the story of Vietnam’s digital economy. That’s probably the answer to the question “Why does Southeast Asia’s digital economy surpass the West?”.