Vietnam leads ASEAN in growth of digital economy
With positive outcomes and predictions, Vietnam’s digital economy is set for a bright future.
According to the “e-Conomy SEA 2021” report published by Google, Bain & Company from the US, and Temasek from Singapore, Vietnam’s internet economy was worth $21 billion in 2021 and contributed more than 5 per cent of GDP, or seven times higher than in 2015, and is expected to reach $57 billion in 2025, ranking it second in Southeast Asia. Growth in 2021 was 31 per cent, the highest in ASEAN, and will average 29 per cent annually to 2025.
According to the President of the Vietnam Software and Information Technology Services Association (VINASA) Nguyen Van Khoa, the goal of the Vietnamese Government is that by 2025 the digital economy will account for 20 per cent of GDP and the proportion of the digital economy in each industry or field will reach at least 10 per cent, and by 2030, the digital economy will account for 30 per cent of GDP and the proportion of the digital economy in each industry or field will reach at least 20 per cent, all of which are quite challenging, especially for traditional industries.
The digital economy is making important contributions to the global economy and the economies of many individual countries. Many countries see opportunities to develop the digital economy and have issued their own development strategies, according to Mr. Khoa.
Information technology enterprises continue to promote investment and research into technologies applied in digital transformation, such as AI, machine learning, and the metaverse, etc. Only investment in intellectual property will produce new Vietnamese technology for local businesses, instead of accessing foreign technology.