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Vietnam to become second largest digital economy in Southeast Asia in 2025: experts

Vietnam can become the second largest digital economy in Southeast Asia in 2025, while the country’s e-commerce market will draw more large-scale businesses, forecast experts at an online seminar in Ho Chi Minh City on April 20.

They also said that online businesses will involve more economic sectors and more big players in the time to come.

Do Huu Hung, General Director of AccessTrade, held that e-commerce should be the first step, followed by logistics and delivery services to win stronger confidence among consumers and improve their shopping experience.

Vietnam, second largest digital economy, Southeast Asia,  e-commerce market, large-scale businesses, online businesses

Vietnam can become the second largest digital economy in Southeast Asia in 2025.

Hung said that with better logistics and delivery services, the digital economy can make up 50-60 percent of the Vietnamese economy in the future.

The years of 2020 and 2021 can be described as a special period with unprecedented changes under impacts of Covid-19, where online business in Vietnam enjoyed a breakthrough growth in both domestic and foreign markets.

According to the “E-Commerce White Book 2020”, the global revenue from B2C e-commerce activities is likely to rise by 1.5 times in the 2019-2023 period from 1.94 trillion USD to over 2.88 trillion USD. The book also predicted that Southeast Asia, including Vietnam, will see high growth.

Phan Binh, Director of J&T Express Vietnam, said that businesses do not need giant shops but high quality products which will be delivered to customers through suitable services.

Currently, many foreign firms have sought business opportunities in the potential market of Vietnam with the motto of "Think Global, Act Local". Meanwhile, online business activities have drawn a large number of companies, cooperatives, business households and individuals in both rural and urban areas.

Experts advised enterprises operating online business to seek seek supports in consultations and solutions to develop one-stop-shop model.

They also underlined the need for wider coverage of delivery services to meet the demand of the booming e-commerce sector.

Bac Giang city prioritizes digital transformation to serve citizens and enterprises
(BGO) – Defining industry, commerce and service as important factors to boost up urban economic development, the People’s Committee in Bac Giang city (Bac Giang province) has focused on implementing digital transformation solutions, improving the investment and business environment, enhancing competitiveness index to attract potential investors. 
 
Working towards "digital citizens"
(BGO) - In the first two months of 2022, the number of fees and charges paid online in Bac Giang reached nearly 11 billion VND (480,750 USD), many times higher than the figure of the whole year of 2021. To obtain this result, departments, sectors and district-level People's Committees have promoted communications to help people form the habit of using online public services when handling administrative documents.
 
Bac Giang pays attention to human resource training and technological infrastructure for digital transformation
(BGO)- On February 23 at the provincial Convention Center, permanent Vice Chairman of the provincial People’s Committee Mai Son chaired a meeting and dialogue with the officials in charge of information technology (IT) and digital transformation. This was an online meeting with participation of 10 districts, city and 209 wards and towns.
 
Bac Giang digitalizes lychee production areas
(BGO) – The Department of Agriculture and Rural Development in Bac Giang province cooperated to several localities to digitalize 43 lychee production areas (37 in Luc Ngan, 3 in Luc Nam, 4 in Tan Yen and 1 in Song Dong) with total area of 430ha in this season.
 
Boosting digital economy
(BGO)- In the Resolution No 111-NQ/TU of the provincial Party Committee, digital economy is targeted at 25 percent of the province’s Gross Regional Domestic Product (GRDP) and among the 3 key pillars including digital government, digital society and digital economy by 2025. In order to reach the set target, the province has seen dramatic transformation from the traditional economy to digital economy.
 

Source: NDO/VNA

Vietnam, second largest digital economy, Southeast Asia, e-commerce market, large-scale businesses, online businesses
 
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