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Vietnam’s Internet Economy to Hit $220 Bn By 2030

Image credit: Vietnam Plus

The Vietnamese Internet economy could reach US$220 billion in gross merchandise volume (GMV) by 2030, ranking second in Southeast Asia after Indonesia, according to a recently published e-report. It is forecasted that the country’s digital economy will see a growth rate of 31% this year over the same period last year, reaching US$21 billion.

The results are welcoming in the context of the shrinking online travel market. If this growth is maintained, Vietnam’s GMV is expected to reach US$57 billion by 2025. Since COVID-19 reappeared in the first half of this year, the country has added 8 million digital consumers, of whom more than half come from non-metro areas. Notably, 99% of these new consumers expressed their intention to continue using online services post-pandemic, showing a very high level of adoption of digital services and products of users in our country.

About 30% of digital merchants believe that they would not have survived the pandemic if not for digital platforms. Digital financial services are also becoming critical enablers, 99% of digital merchants now accept digital payments and 72% have adopted digital lending solutions. Many are also embracing digital tools to engage with their customers, with 72% expecting to increase the use of digital marketing tools in the next five years. It was observed that Vietnam remains an attractive innovation hub as global capital continues to pour in. Investments and deals soared in the first half of 2021 to a record high of US$1.37 billion, surpassing full-year investments in recent years, fuelled by investment interest in digital start-ups in the fields of e-commerce, fintech, healthtech and edtech.

As for Southeast Asia, the report highlights that the region is on track to become a GMV worth US$1 trillion digital economy by 2030. The main driver of this is more than 440 million Internet users, including 350 million of the region’s digital consumers. Since the start of the pandemic, Southeast Asia has added 60 million new digital consumers, of whom 20 million joined in the first half of this year. Driven by the COVID-19 pandemic, Southeast Asian digital consumers have spent more on online services. As a result, Southeast Asia’s GMV is estimated to reach US$174 billion by the end of the year, expected to surpass US$360 billion by 2025, higher than the previous forecast at US$300 billion.

Earlier this month, OpenGov Asia reported that the Vietnamese e-commerce market is forecast to continue growing in the post-pandemic period, with revenue surpassing last year’s figure. The e-commerce revenue in Vietnam hit US$11.8 billion last year, posting a growth rate of 18%. The Vietnamese e-commerce market recorded the fastest growth rate in Southeast Asia. E-commerce is expected to continue thriving after the COVID-19 pandemic is controlled, creating new consumption trends. The demand for online purchases through e-commerce platforms has increased sharply since the outbreak of the pandemic. Consumer habits have completely changed during the pandemic, as they have reduced shopping activities, and instead, they have focused on essential goods and been interested in Vietnamese commodities.

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