Vietnam’s internet economy projected to hit $36B this year, marking a 16% increase compared to 2023. According to the 9th edition of the e-Conomy Southeast Asia report released by Google, Temasek, and Bain & Company on Nov. 5, retail e-commerce continues to be a key pillar of Vietnam’s digital economy, contributing $22 billion to the country’s GDP, 18% higher than the previous year, accounting for 61% of the total size of the Internet economy.
The report said that Vietnam’s high growth rate is expected to remain stable, driven by its manufacturing, processing, and export. By 2030, the Gross Merchandise Value (GMV) is projected to range from $90 billion to $200 billion, reflecting the ongoing expansion of Vietnam’s digital economy and e-commerce market.
In 2024 and the years ahead, with such robust growth, Vietnam’s e-commerce and digital economy are poised for even stronger development, becoming one of the key drivers of economic growth.
This period represents a crucial opportunity to establish new models and strategies, leveraging digital technologies to enhance the competitiveness and resilience of businesses and organisations, it said.
According to Tran Minh Tuan, Director of the Department of Digital Economy and Digital Society under the Ministry of Information and Communications, with a market of 100 million people, accounting for 1.23% of the world population, Vietnam’s potential for e-commerce development remains large.
