February 24, 2024

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App Boom: Vietnam’s Soaring Growth in Downloads and Revenue

Vietnam ranked among the world’s top ten countries, in 2022, in terms of app downloads, and the amount of money spent by Vietnamese to buy apps has been experiencing a significant upward trend. According to the Ministry of Information and Communications (MIC), the total number of mobile app downloads in Vietnam reached 280 million in March 2023, marking a 13% increase from February 2023. Additionally, revenue generated from transactions on mobile apps witnessed a substantial growth of 34.8% compared to the same period in 2022.

According to a recent industry report, the amount of time spent by users on mobile apps has reached unprecedented levels. Worldwide, Android users collectively spent 4 trillion hours on apps in 2022. In Vietnam, the corresponding figure was 83 billion hours. The app economy in Southeast Asia, including Vietnam, has experienced remarkable growth. Users in countries such as the Philippines, Indonesia, and Singapore spend an average of 5 hours per day on apps, while in Vietnam, the average daily usage stands at 4 hours.

The surge in demand for apps has been the driving force behind the significant increase in app downloads across various countries, including Vietnam. Notably, Vietnam stands as the second largest country in Southeast Asia in terms of app downloads, with a remarkable total of 3.5 billion downloads recorded last year.

As users worldwide remain engaged with their mobile devices, Vietnamese individuals download approximately 6,600 apps every minute. The country also allocates US$ 900, equivalent to VND21 million, on app-related services every minute. This trend has contributed significantly to the rapid expansion of apps associated with mobile banking, e-wallets, and digital payment solutions in Vietnam.

The widespread adoption of apps not only provides a favourable environment for the growth of digital technology companies but also supports the overall digital transformation process. Moreover, research indicates that Vietnam has witnessed an addition of 8 million new digital users since the onset of the COVID-19 pandemic. It predicted that by 2025, Vietnam’s internet economy would value US$57 billion, with a compound annual growth rate of 29%. This indicates the substantial potential for further advancement in the digital sector in Vietnam.

For every 25 games downloaded, there is one game made in Vietnam and the revenue from the ads of Vietnamese game studios is among the world’s highest. A report from 2021 showed that of the top ten game distributors with the highest numbers of downloads from Google and the App Store in Southeast Asia, five belonged to Vietnam.

In the country, the ICT economy’s revenue reached an estimated US$ 148 billion in 2022, representing a year-on-year increase of 8.7%. The contribution of the digital economy to the national GDP in 2022 accounted for about 14.26% of the total, with 7.18% contributed by the ICT digital economy.

IT services have contributed the most to the digital economy, accounting for about 30% of the total value, followed by e-commerce (14.3%) and hardware production (12.83%). The digital content field recorded the strongest growth, up nearly 104% compared to the first quarter of 2022. The government has also paid attention to upgrading digital infrastructure, smartphones, broadband Internet, and cloud computing.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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