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On November 22nd, the Internet Day 2023 conference and exhibition took place in Hanoi. This is an annual forum aimed at promoting the development of the internet in Vietnam, while also defining and sharing opportunities in the internet economy .
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Speaking at the event, Deputy Minister of Information and Communications Pham Duc Long said that digital transformation is a historic opportunity, a national strategy, and a new driving force for national development, ushering in an era of development based on science and technology and innovation, with digital innovation as its foundation.
According to Deputy Minister Pham Duc Long, Vietnam is one of the countries with a high percentage of internet users making weekly online purchases (over 60%), higher than the global average (57.6%). The size of Vietnam's internet economy reached US$23 billion in 2022 and is projected to reach US$49 billion in 2025. Vietnam's online retail sales reached US$14 billion in 2022, and this figure is expected to increase to US$32 billion by 2025. This represents a significant opportunity that the internet has been and continues to offer for Vietnam's development.
However, Vietnam's overall internet infrastructure is still limited compared to the scale of its internet users and population. Vietnam only has 5 undersea fiber optic cables, and the number and scale of data centers are still very modest compared to Singapore, Malaysia, Thailand, and Indonesia. Vietnam's cloud computing is essentially reselling services to foreign platforms, and its internet connectivity ecosystem is small and simple compared to advanced countries in ASEAN…
Deputy Minister Pham Duc Long stated that the Ministry of Information and Communications has proactively developed legal frameworks and issued policies and programs to create momentum for innovation and development. The amended Telecommunications Law, currently being prepared for submission to the National Assembly for approval, will expand the scope of regulation, adding data center services and cloud computing services; while also promoting the development of telecommunications infrastructure.
The Ministry of Information and Communications has submitted to the Government a plan for telecommunications infrastructure development, expected to be approved in 2023. This plan sets out a vision, direction, and specific development goals for telecommunications and the internet until 2030, with a vision extending to 2050. The Ministry of Information and Communications is also developing and will soon issue a strategy and plan for the development of Vietnam's international fiber optic cable, ensuring the safe and sustainable development of Vietnam's digital infrastructure.
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