Vietnam’s digital sector could reach more than $50 billion by the middle of this decade. This follows from an e-Conomy SEA report by Google, Temasek and Bain & Company.
Before the coronavirus pandemic, the digital sector accounted for more than five percent of Vietnam’s gross domestic product. Vietnam thus represents the most digitized economy in the Southeast Asian region.
Nor has the coronavirus pandemic slowed down the development of the Internet and the digital economy much. Last year, the sector grew at double-digit rates, namely by 16 percent, the fastest growth in southeast Asia. Virtually all sectors, except tourism, grew on the Internet last year. Online media developed the fastest ever, with sales increasing by 50 percent year-on-year last year. By contrast, online tourism has fallen by almost 30 percent, with growth of up to a quarter each year by 2025.
According to estimates by digital technology analysts, digital technologies will fundamentally help Vietnam increase labor productivity, making the country one of the world’s middle-maturity economies by 2040.
