9-26-2019, 10:46 GMT+7

Vietnam’s digital economy poised to reach US$30 billion by 2025

 Vietnam’s digital economy is growing rapidly, making important contributions to the national economy. The country’s digital economy was valued at US$9 billion in 2018 and is expected to hit US$30 billion by 2025, according to an article of Open Gov Asia published on September 24.

The article said over the past years, Vietnam has witnessed an increase in online shopping, the article said, adding that the boom of e-commerce the emergence of new business models on the Internet have changed consumption habits of Vietnamese people.

It underlines that e-commerce is the fastest developed field in Vietnam, growing at about 30 percent a year, with revenue in 2018 valuing at roughly US$8 billion and predicted to reach at least US$10 billion by 2020.

According to the article, telecommunications enterprises in Vietnam have also grown with a value of around US$6.1 billion, creating more than 851,000 jobs. Meanwhile, the online advertising industry is growing rapidly, with forecast revenue of more than US$1 billion by 2020, trebling the figure in 2016.

However, the article also pointed out challenges facing Vietnam in the context of the explosion of a digital economy, especially cyber security, and competitive pressure in the integration process.

To ensure sustainable growth, it is imperative for Vietnam to carry out comprehensive measures alongside the combined efforts from both State and private sectors with a focus on creating favourable legal corridors and normative documents suitable for a digital economy, upgrading digital infrastructure and mapping out modern digital technology solutions, giving tax incentives to investment activities, and developing digital infrastructure and information security.

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