Vietnam lucrative market for digital economy

Vietnam is believed to be a lucrative market for digital economy with the second fastest growth pace in the world last year, after India.

Vietnam lucrative market for digital economy hinh anh 1

Illustrative image (Source: VietnamPlus)

Vietnam is believed to be a lucrative market for digital economy with the second fastest growth pace in the world last year, after India.

Vietnam has a population of nearly 100 million, ranking 15th in the world, but the size of its digital market stood at only the 25th position among the 39 countries surveyed in 2022 by Financial Time and Omdia.

However, the gross merchandise value of its digital economy increased 28% to 23 billion USD in 2022 from 18 billion USD in 2021. It is expected to grow 31% to hit 49 billion USD in 2025, according to the "e-Conomy SEA 2022" report released by Google, Temasek and Bain & Company.

Meanwhile, the Department of Digital Economy and Digital Society reported that the digital economy enjoyed growth in all the three aspects of the ICT economy, platform digital economy, and sectoral digital economy. IT services contributed the most to this economy, about 30%, followed by e-commerce (14.3%), and hardware production (12.83%).

The Lao dong (Labour) daily cited Tran Minh Tuan, Director of the Department of Digital Economy and Digital Society under the Ministry of Information and Communications, as saying that digital market, digital space, and digital data are necessary for developing a digital economy, and to do that, the first thing is to ensure digital infrastructure.

He noted the ministry has taken measures for building infrastructure to guarantee the development of the digital economy.

Stressing the importance of human resources, Vu Thi Minh Tu, Director for external relations at Lazada Vietnam, held that the quality of human resources for the digital economy in Vietnam remains modest while this is one of the factors affecting the economy’s sustainable development.

The Central Institute for Economic Management said to secure sustainable development, the country should perfect the legal framework, including regulations and policies on cyber security, competition, and taxes, in a way that promotes the role, responsibility, and rights of buyers./.

Source: VNA
en.vietnamplus.vn

Related News

Vietnam is ready to welcome a new wave of investment in the semiconductor industry

Vietnam is ready to welcome a new wave of investment in the semiconductor industry

VCN - Deputy Minister of Planning and Investment Tran Duy Dong (Photo) gave an interview to Customs Magazine about Vietnam's preparations to attract FDI into the semiconductor industry.
Tax compliance management in the digital economy

Tax compliance management in the digital economy

VCN - The management of tax compliance in the digital economy has faced many challenges compared to the traditional economy. The transactions made via the internet environment and digital platforms have caused monitoring, controlling and management difficulties. Therefore, it is required to have appropriate solutions for management and ensuring revenue sources.
"The key" to growth motivation for enterprises

"The key" to growth motivation for enterprises

VCN - Unlocking growth motivations is an urgent requirement from the Government to help enterprises and the economy quickly recover. But unlocking the driving motivations must be accompanied by drastic reforms in institutions and the business environment to create conditions and increase confidence for enterprises to step forward.
Opportunities for Vietnam to participate in the global semiconductor industry value chain

Opportunities for Vietnam to participate in the global semiconductor industry value chain

VCN - The global chip race is heating up, and Vietnam has a unique opportunity to assert itself as one of the participants in the semiconductor industry value chain.

Latest News

High-quality science, technology human resources key to sustainable growth

High-quality science, technology human resources key to sustainable growth

To achieve sustainable development and help the economy take off, high-quality human resources and advancements in science and technology should be seen as key components, according to insiders.
Vietnam, France look to boost economic partnership

Vietnam, France look to boost economic partnership

Deputy Minister of Planning and Investment Tran Quoc Phuong and French Minister Delegate for Foreign Trade, Economic Attractiveness, Francophonie and French Nationals Abroad Franck Riester co-chaired the 8th session of the Vietnam-France High-Level Dialogue on Economy in Paris on May 17.
Opportunity for growth and investment links between Vietnam and the US

Opportunity for growth and investment links between Vietnam and the US

VCN- “Before deciding to invest, the US investors are always interested in building the business and investment environment in localities”, US Ambassador to Vietnam Marc E. Knapper told the media.
Positive economic transformations in four months

Positive economic transformations in four months

VCN - In the context of global difficulties and challenges, Vietnam's socio-economic situation in April continues to undergo quite positive transformations, contributing to improving the overall results of the first four months of the year and setting the pace for the following months.

More News

Việt Nam, Japan sign MoC on forestry co-operation

Việt Nam, Japan sign MoC on forestry co-operation

In wood product trade, Japan is one of the five biggest importing countries of Việt Nam in the world with about US$1.5-2 billion each year.
Mounting inflationary pressure requires Government’s flexible moves

Mounting inflationary pressure requires Government’s flexible moves

Inflationary pressure may increase between now and the year’s end due to impacts of multiple factors, requiring the Government take proactive and flexible actions, some experts have said.
Business conditions numerous and cumbersome: CIEM

Business conditions numerous and cumbersome: CIEM

Major hurdles must be overcome to simplify and streamline regulations governing economic activities, according to the latest report by the Central Institute of Economic Management (CIEM).
Prime Minister chairs seminar with Chinese businesses

Prime Minister chairs seminar with Chinese businesses

Prime Minister Pham Minh Chinh on May 14 chaired a seminar with representatives from 19 Chinese groups specialising in green economy and digital economy.
Vietnam charts vision for sustainable, modern fisheries

Vietnam charts vision for sustainable, modern fisheries

Vietnam aims to have a sustainable and modern fishery sector by 2050, with maritime and inland waters biodiversity preserved and local livelihoods improved.
Vietnam becomes fastest growing digital economy in ASEAN: HSBC

Vietnam becomes fastest growing digital economy in ASEAN: HSBC

Vietnam was the fastest growing digital economy in ASEAN in 2022 and 2023 and it is expected to maintain this position until 2025, with the number of smartphones users anticipated to reach 67.3 million by 2026, accounting for 96.9% Internet users.
Key economic pillars show positive growth

Key economic pillars show positive growth

Vietnam's economy has gone through one-third of the 2024 yearly plan and achieved some remarkable results, showing clear recovery momentum through the growth of important pillars.
Human resources training takes centre stage to develop e-commerce

Human resources training takes centre stage to develop e-commerce

Training human resources in e-commerce is among focuses in plans on e-commerce development for 2024 of many localities, according to the Vietnam E-commerce and Digital Economic Agency under the Ministry of Industry and Trade (MoIT).
High-quality human resources: "Hold the gold, don

High-quality human resources: "Hold the gold, don't let it fall"

VCN - The shortage of high-quality human resources, especially in high-tech fields, is a major bottleneck in attracting large technology corporations to shift investment locations in research, development and production to Vietnam. Therefore, if Vietnam does not fully prepare the conditions to welcome the wave of high-quality FDI investment, Vietnam will miss a "gold mine" in the future.
Read More

Your care

Latest Most read
High-quality science, technology human resources key to sustainable growth

High-quality science, technology human resources key to sustainable growth

To achieve sustainable development and help the economy take off, high-quality human resources and advancements in science and technology should be seen as key components, according to insiders.
Vietnam, France look to boost economic partnership

Vietnam, France look to boost economic partnership

Deputy Minister of Planning and Investment Tran Quoc Phuong and French Minister Delegate for Foreign Trade, Economic Attractiveness, Francophonie and French Nationals Abroad Franck Riester co-chaired the 8th session of the Vietnam-France High-Level Dialogue on Economy in Paris on May 17.
Opportunity for growth and investment links between Vietnam and the US

Opportunity for growth and investment links between Vietnam and the US

VCN - Currently, the relationship between the US and Vietnam has been upgraded to a comprehensive strategic partnership, which is a solid foundation for the US to assist Vietnam's sustainable development and contribute to improving the business investment
Positive economic transformations in four months

Positive economic transformations in four months

VCN - In the context of global difficulties and challenges, Vietnam's socio-economic situation in April continues to undergo quite positive transformations, contributing to improving the overall results of the first four months of the year and setting the
Vietnam is ready to welcome a new wave of investment in the semiconductor industry

Vietnam is ready to welcome a new wave of investment in the semiconductor industry

VCN - Deputy Minister of Planning and Investment Tran Duy Dong (Photo) gave an interview to Customs Magazine about Vietnam's preparations to attract FDI into the semiconductor industry.
Mobile Version