Vietnam Leads Southeast Asia in Digital Economy Growth
According to estimates by the Ministry of Science and Technology,
Vietnam boasts the fastest-growing digital economy in Southeast Asia for three consecutive years.
Its digital economy growth rate stands at approximately 20% annually, triple the GDP growth rate.
Vietnam’s mobile internet speed remains among the top 20 globally, ranking 13th out of 139 countries with download speeds of around 160 Mbps. The rollout of 5G networks continues nationwide, with projections of 70,000 5G stations by the end of 2025, covering 90% of the population.
Vietnam’s fixed broadband speed ranks 11th globally, climbing 21 spots since 2024. By late 2024, the country hosted 45 data centers, including 32 commercial and 13 internal facilities.
With over 170 universities and 500 vocational schools training in IT and related fields, Vietnam graduates approximately 80,000 students annually, fueling its digital potential.
Vietnam’s digital technology industry sustains high growth, driving the digital economy. As of October, the sector comprises 80,000 enterprises, generating $20 billion in revenue (a 50% increase from 2024). These companies produce hardware, digital platforms, and services for national and international markets.
The Ministry of Science and Technology highlights Vietnam’s shift from assembly to technology mastery and “Make in Vietnam” products. This transition is key to enhancing national competitiveness.
Resolution 57-NQ/TW emphasizes science, innovation, and digital transformation as primary growth drivers, targeting a 30% digital economy share of GDP by 2030.
Assoc. Prof. Nguyen Thuong Lang predicts the digital economy could reach 50% of GDP by 2045, becoming a cornerstone of Vietnam’s global competitiveness.
E-commerce: The Fastest-Growing Digital Sector
Nguyen Huu Tuan, Director of the E-commerce and Digital Technology Development Center (Ministry of Industry and Trade), notes that e-commerce is Vietnam’s fastest-growing digital sector.
Global retail e-commerce is projected to hit $6.86 trillion by 2025, growing at 8.3% annually. While China dominates with 44% market share, Southeast Asia, particularly Indonesia, Vietnam, and Thailand, are emerging as high-growth hubs.
In 2024, Vietnam’s e-commerce reached $25 billion, a 25% increase, leading Southeast Asia in growth. Though smaller than Indonesia ($65 billion) and Thailand ($26 billion), Vietnam tops regional expansion rates.
By 2025, Vietnam’s e-commerce is expected to surpass $30 billion, contributing 10% to total retail sales.
Tuan emphasizes e-commerce as a growth pillar and digital transformation driver for SMEs, enabling market expansion and operational efficiency.
Despite its growth, Vietnam’s e-commerce faces challenges. Cash payments remain prevalent, and counterfeit goods erode consumer trust. Intense competition among platforms like Shopee, TikTok, and Lazada strains sellers and operators alike.
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