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Vietnam's internet economy projected to hit $36B in 2024
Vietnam's internet economy is expected to reach $36 billion 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.
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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.
Vietnam’s e-commerce market is estimated at US$22 billion, the third largest in Southeast Asia behind only Indonesia ($65 billion) and Thailand ($26 billion).
The national e-commerce week will take place from November 25 to December 1, while the Vietnam Online Friday 2024 will run from the beginning of November 29 to noon of December 1, according to the Ministry of Industry and Trade. The events will be held on the national scale.
Along with the 4th Industrial Revolution, e-commerce has become an inevitable trend serving as a tool for businesses to diversify channels and methods to swiftly seek buyers, partners, and orders, towards creating breakthroughs in trade in the global race, according to insiders.
Vietnam’s e-commerce market has seen consistent growth, boasting an average annual growth rate of 16-30% over the past four years, the highest in the world, according to a report recently released by OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information to better serve citizens and customers.
BAC GIANG – The People’s Committee in Bac Giang province has approved to pilot an e-commerce commune model in Phuc Hoa commune of Tan Yen district.
Vietnam and Thailand have emerged as the two fastest-growing e-commerce markets in Southeast Asia, according to a recently released Southeast Asia e-commerce report by OpenGov Asia — a content sharing platform dedicated to sharing ICT-related knowledge and information between governments.
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