CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam emerged as most digital of all ASEAN economies: Google & Temasek
Hai Yen 12:18, 2019/10/04
Vietnam’s internet economy is booming, as it reaches for US$12 billion in 2019 on a 38% annualized growth rate since 2015, and projected to increase to US$43 billion by 2025.
With the gross merchandise value (GMV) of internet economy set to account for over 5% of the country’s GDP in 2019,10 Vietnam is emerging as the most digital of all economies in ASEAN, according to a research report by Google, Temasek and Bain. 
 
Source: e-Conomy SEA report 2019.
Source: e-Conomy SEA report 2019.
According to the report, Vietnam’s Internet economy is booming, as it reaches for US$12 billion in 2019 on a 38% annualized growth rate since 2015, and projected to increase to US$43 billion by 2025. 

Overall, the Southeast Asian Internet economy has leapt nearly 40% from last year to exceed $100 billion in GMV in 2019 across the online travel, e-Commerce, online media and ride hailing sectors. The region is on track to hit US$300 billion in 2025, US$60 billion more than previously estimated.

With all sectors taken into account, the GMV of the Internet economy amounted to 3.7% of Southeast Asia’s gross domestic product (GDP) in 2019, up from 1.3% in 2015. It is projected to exceed 8% by 2025. Southeast Asia is closing the gap with developed markets like the US, where the Internet economy had made up 6.5% of the GDP in 2016.

While the region has grown at an average rate of 33% a year since 2015, the two pacesetters in the region are Indonesia and Vietnam, which lead the pack with growth rates in excess of 40% a year.
Source: e-Conomy SEA report 2019.
Source: e-Conomy SEA report 2019.
“e-Commerce is a key driver behind Vietnam’s impressive numbers, where homegrown marketplaces like Sendo and Tiki compete with regional players like Lazada and Shopee,” stated the report. 

These dynamics are unlocking opportunities for entrepreneurial Vietnamese small and medium-sized businesses, which have jumped onboard the Internet economy to do business. Investor confidence in Vietnam, the third most-funded economy in the region after Indonesia and Singapore, is on the rise. Over the last four years, Vietnam’s Internet economy has attracted almost US$1 billion in funding, with 2019 in line to be a record year.
Source: e-Conomy SEA report 2019.
Source: e-Conomy SEA report 2019.
Economic growth in ASEAN has averaged 5% a year in the last five years and has exceeded the global growth average by approximately 2 percentage points over the past decade. This is indicative of a stable and rapidly developing region that is on its way to becoming a major economic powerhouse. By 2030, Southeast Asia is expected to become the world’s fourth largest economic bloc.
Comments
Other news
10:42, 2025/01/22
Vietnam, Switzerland upgrade bilateral ties to comprehensive partnership
The two countries will deepen cooperation in areas such as innovation, green finance, intellectual property, and the exchange of expertise on developing international financial centers in Vietnam.
12:19, 2025/01/21
The Czech Republic sees Vietnam as most important economic partner in SEA
Prime Minister Pham Minh Chinh expects bilateral trade turnover to reach US$5 billion in the coming years.
21:45, 2025/01/15
Hanoi seeks 5% export growth in 2025
The city’s total import-export turnover reached US$60.1 billion in 2024, up 11% year-on-year.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.