Vietnam has fastest growing digital economy in SEA
Monday, 31/10/2022 10:46 (GMT+7)
Vietnam’s digital economy has the fastest growth rate in Southeast Asia with gross merchandise value (GMV) expected to increase by 28%, from 18 billion USD in 2021 to 23 billion USD in 2022, thanks to 26% growth in e-commerce over the same period last year.
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| Vietnam has fastest growing digital economy in SEA |
The information was revealed in the latest edition of the e-Conomy SEA report by Google, Temasek Holdings Pte and Bain & Co.
The annual report shares an update on how digital economy sectors are tracking across six countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
According to the report, after the COVID-19 pandemic, Vietnam was one of the countries that quickly restored “new normal” activities. E-commerce is driving the growth of Vietnam’s digital economy, and 90% of digital consumers plan to maintain or even increase their use of e-commerce platforms within 12 months. The majority of consumers focus on food delivery services (60%) and online grocery shopping (54%).
Users in urban areas have the highest adoption of digital services, with e-commerce, food and grocery topping the list at 96%, 85% and 85% respectively. On the other hand, the frequency of a Vietnamese person consuming digital content is lower than the regional average with 23% of survey respondents saying they watch video on demand at least once a week, followed by 19% for online gaming and 16% for on-demand music.
Digital financial services continue to grow strongly in Vietnam. In which, the digital lending sector achieved the fastest compound growth rate at 114%, while the investment sector is expected to have the largest leap in 2025 with more than 106%.
Vietnam leads Southeast Asia in the long-term growth market of venture capital funds with 83% of venture capital funds expecting long-term growth in deals in Vietnam./.
BTA