February 25, 2024

We are creating some awesome events for you. Kindly bear with us.

Vietnam’s Digital Horizon: E-commerce, Digital Payments and AI

In 2023, Vietnam’s e-commerce market has burgeoned to an impressive US$20.5 billion, marking a 25% growth compared to the previous year. This robust expansion underscores the increasing significance of e-commerce as a driving force behind Vietnam’s digital economy, playing a pivotal role in economic development and catalysing the digital transformation of businesses across the nation.

Image credits: Vietnam Plus

A noteworthy contributor to this digital shift is the surge in electronic invoices directly generated from cash registers, a key initiative of the General Department of Taxation. In 2023, an astounding 104.8 million electronic invoices were recorded, a staggering 47.6-fold increase compared to the initial implementation period.

By the end of the year, 94.36% of the targeted businesses, totalling 40,355, had successfully adopted this innovative invoicing system. This substantial adoption rate has not only streamlined administrative procedures but has also significantly reduced costs and bolstered overall business productivity.

Mai Xuan Thanh, General Director of the General Department, acknowledged the transformative impact of the e-invoice system, stressing its role in administrative reform. Regions such as Ho Chi Minh City, Hanoi, Dong Nai, and Quang Ninh have reported commendable results, serving as benchmarks for the nationwide adoption of this groundbreaking initiative.

To sustain and complement this momentum, the digital payment landscape in Vietnam has witnessed significant growth. The percentage of Vietnamese adults with payment accounts has skyrocketed to 77.41%, a substantial increase from the 31% reported in the earlier period.

State Bank of Vietnam Deputy Governor Pham Tien Dung highlighted that numerous banks are now conducting over 90% of transactions digitally, with some even reaching an impressive 98%. The clearing house system, which recorded approximately 700 million transactions in 2019, has witnessed a tenfold increase, reaching a remarkable 7 billion transactions in 2023.

The digital payment revolution extends beyond transaction numbers. Internet payment transactions have experienced a substantial annual average increase of 46.48%, while mobile payment transactions have surged by an impressive 90.12%. QR code payments, in particular, have witnessed an astonishing annual average growth rate of 471.13% since 2018.

Moreover, banking apps have evolved into comprehensive platforms, allowing users not only to manage their finances but also to book flights, arrange taxi services, and pay utility bills such as power and water bills.

As Vietnam strides confidently into the digital future, Generative Artificial Intelligence (GenAI) is poised to play a significant role in shaping the country’s technological landscape. Dang Huu Son, Vice Chairman of the Artificial Intelligence for Industry Development, projects a substantial contribution of VND 14 trillion (US$574.83 million) by 2030.

The recent establishment of AIID, an alliance comprising 17 technology-oriented universities and enterprises, reflects Vietnam’s proactive approach to bridging the gap between academia and industry. This collaboration aims to empower students with practical digital knowledge and skills, ensuring a well-equipped workforce for the evolving tech landscape.

Son believes that the evolution of AI is not merely a technological advancement but a transformative force that will reshape efficiency and elevate personal skills across multiple generations on a national scale. Vietnam’s enthusiasm for AI is palpable, with an impressive 91% of respondents expressing a positive outlook, as revealed by a survey conducted by Finastra Financial Services.

This fervent embrace of AI positions Vietnam as a trailblazer, outpacing other global markets in its readiness to harness the transformative potential of artificial intelligence.

Vietnam’s tech revolution is marked by a triumphant surge in e-commerce, the dominance of digital payments, and a pioneering stance in embracing the transformative potential of artificial intelligence. These key developments position Vietnam as a tech-driven powerhouse, poised for sustained growth and innovation in the digital era.

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.

Send this to a friend