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Digital economy revenue up 30% in March
Son Nguyen 17:42, 2023/04/10
In the first three months of 2023, Vietnam's digital economy grew by 13.6%, about four percentage points more than in the last quarter of 2022.

Total revenue from digital economy activities in March 2023 was estimated at VND325.5 trillion (US$13.9 billion), up 30% month-on-month, according to the Ministry of Information and Communications.

A robot used for banking transactions in Hanoi. Photo: Viet Linh/The Hanoi Times

In its latest quarterly report, the ministry said the figure fell by 10% annually. In March 2022, the total revenue of the digital economy sector was VND360.7 trillion (US$15.4 billion).

Digital economy enterprises paid VND8.87 trillion (US$378.4 million) in taxes, up 10% inter-monthly and 3% year-on-year.

Total revenue in the first three months of the year was estimated at VND845.6 trillion (US$36 billion), down 3% year-on-year and 20% of the full-year projection.

In January-March, the total contribution of ICT companies to the State budget was estimated at VND24.4 trillion (more than US$1 billion), up 9% on-year and accounting for a quarter of the full-year plan.

Exports of hardware and electronics were estimated to drop 9.5% year on year to about US$26.6 billion due to the global economic recession and the downward trend in overall production, the ministry said.

The figures contributed to a 13.6% growth rate of the digital economy in the first quarter, up 3.99 percentage points from the last quarter of 2022. The digital economy accounted for 14.6% of Vietnam's gross domestic product (GDP).

As of March 17, 2023, nearly 750,000 small and medium-sized enterprises (SMEs) had access to the digital transformation program, up 2.3% month-on-month. Of these, approximately 107,220 companies have adopted the solutions offered by the program, an increase of 16% from the previous month.

Social network Zalo, media site Zing Mp3, news update platform Baomoi, e-wallets Momo, and My Viettel are among the seven programs with over 10 million regular active users each.

A project to develop digital economy activities for the Central Highlands region will be drafted by the Ministry of Information and Communications in the second quarter of the year and submitted to the Prime Minister for review and approval.

The ministry will also develop a set of criteria for qualified digital platforms to support enterprises in their digital transformation, organize training courses for local enterprises, and provide consulting services for those seeking digital transformation.

TAG: Vietnam news digital economy economic growth ICT companies Ministry of Information and Communications
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