Vietnam's digital economy projected to hit $36bn in 2024
Vietnam's digital economy projected to hit $36bn in 2024
Vietnam's digital economy is continuing to show solid double-digit growth and is forecast to reach a gross merchandise value (GMV) of US$36 billion in 2024, with e-commerce contributing $22 billion, according to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company.
Social commerce has become a trend as Facebook, TikTok, and Instagram are now trade platforms. Photo: Tuoi Tre |
The Southeast Asian country’s digital economy will continue to boom with remarkable strides in e-commerce, digital finance, and cashless payment.
Its GMV in 2024 is projected to increase 16 percent year on year.
Besides e-commerce, transport and food are expected to contribute some $4 billion to the digital economy; online travel, $5 billion; and online media, $6 billion.
Vietnam is rapidly going cashless, fueled by public initiatives and innovative financial solutions.
The rise in e-wallets, coupled with the widespread adoption of QR code payments, has significantly reduced cash transactions.
Government initiatives have standardized payment systems and enhanced interoperability, further encouraging the shift away from cash.
Vietnam’s digital payments are growing rapidly, driven by the widespread use of QR codes and e wallets.
The total gross transaction value is projected to reach $149 billion in 2024, up from $126 billion in 2023.
The government has unveiled an ambitious digital road map for the year, which emphasizes AI and semiconductor technologies alongside economic growth and improved public services.
This proactive approach sets Vietnam up well for significant digital advancements despite previous limitations in infrastructure investment.
The report also showed that Ho Chi Minh City and Da Nang City lead in AI interest and demand.
