Vietnam cashes in on e-commerce, digital economy
Vietnam’s e-commerce and digital economy are expected to grow further in the time ahead, thus giving a boost to the country's economic development, heard a summit in Hanoi on November 21.
The Vietnam Digital Industry and Trade Summit 2023 was jointly held by the Vietnam E-Commerce and Digital Economy Agency under the Ministry of Industry and Trade (MoIT) and relevant agencies.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stressed that it is time for Vietnam to build new economic models and strategies, adding that over the past years, the MoIT has issued many documents, policies and strategies to promote digital transformation within the sector, as well as e-commerce nationwide.
He asked participants to seek solutions to push ahead with the e-government building and digital economy in such key areas as energy, smart production, e-commerce and logistics.
Dang Anh Dung, deputy general director of the e-commerce platform Lazada Vietnam, cited statistics showing that 57 million Vietnamese shopped online last year, mostly in Hanoi, Ho Chi Minh City, and Da Nang, and 43% of Gen Z consumers accessed shopping apps every day.
The event featured a plenary session, two conferences and an exhibition showcasing technologies and solutions for digital transformation, smart production and e-commerce with the participation of about 20 domestic and foreign businesses.
According to a report released on November 1 by Google, Temasek and Bain & Company, Vietnam has seen the highest growth in the digital economy in Southeast Asia in 2022 and 2023, and it is expected to share the position with the Philippines in 2025.
Vietnam’s Gross Merchandise Value (GMV) is forecast to gain the Compound Annual Growth Rate (CADR) with a growth rate of 20% from US$30 billion in 2023 to nearly US$45 billion in 2025.
Notably, e-commerce is projected to drive the GMV growth of the national digital economy in the next two years.
Statistics released by the MoIT also revealed that Vietnam’s e-commerce maintained its growth rate of between 16-30% over the past years, reaching 20% in 2022, and it would be valued at US$20.5 billion this year.
