2023 is a year with many notable milestones for Vietnam's Digital Economy. In the 2023 Year-end Summary Report of the Ministry of Information and Communications , Vietnam's Digital Economy continues to have impressive growth.
Fastest growing speed in Southeast Asia
The report of the Ministry of Information and Communications clearly shows that the growth rate of Vietnam's digital economy in 2023 will continue to increase by 19%, the highest in Southeast Asia, 3 times higher than the GDP growth rate.
This is also the second consecutive year that Vietnam has recorded the highest growth rate in the region (According to the Digital Economy Annual Report of Google, Temasek, Bain & Company). The Ministry of Information and Communications estimates that the proportion of Digital Economy in Vietnam's GDP in 2023 will reach 16.5%. The number of users on Vietnam's Digital Platforms will grow by 46% compared to 2022.
In 2023, there will be 64 applications, the Vietnam Digital Platform will have a monthly active user count of over 1 million with a total of 376.7 million user accounts, of which 43 applications will have from 1 to under 5 million monthly user accounts, 14 applications will have from 5 to under 10 million user accounts and 7 applications will have over 10 million monthly active accounts.
Vietnam is also in the Top 6 countries with Native Digital Platforms with the largest number of monthly active users (MAU) in the domestic market (after China, India, the US and Japan).
The average time spent using Vietnam's digital platforms is about 2.4 hours/day. The three government agency applications that attract a large number of users in Vietnam are VneID of the Ministry of Public Security , VssID of the Social Insurance and Vietnam Youth of the Central Youth Union, with a total of about 65 million users.
The number of small and medium enterprises accessing and participating in the SMEdx program is estimated at 1,072,000. The number of small and medium enterprises using the SMEdx Digital Platform is estimated at 197,000 (an increase of nearly 2.5 times compared to 2022).
Vietnam is among the top 10 countries in terms of new mobile app downloads for two consecutive years (2022, 2023). The total number of mobile app downloads is estimated at 3.49 billion.
2023 is also a breakthrough year for Digital Payments when online payment transactions increase by 66% in total number of transactions and 4% in transaction value.
According to the 8th Southeast Asia Digital Economy Report by Google, Temasek, Bain & Company, the adoption rate of Digital Payments in Southeast Asia has reached 50%. Vietnam is also driving this trend and becoming the fastest growing country in Digital Payments, increasing by 19% from 2022 to 2023 and will continue to grow at 13% CAGR in the period 2023 - 2025.
According to the report, other key sectors that continue to grow and contribute to Vietnam's Digital Economy include the Transportation and Food (Food Delivery Services) and Online Media industries. This sector has grown by 10% from 2022 to 2023, with a projected CAGR of 16% from 2023 to 2025, and is forecast to reach US$4 billion by 2025.
The online media sector in Vietnam is expected to grow by 11% in 2022-2023, with GMV expected to reach 7 billion USD by 2025 with a compound annual growth rate of up to 15% in 2023-2025.
Digital Economy will grow 3 times faster than GDP
The report of the Ministry of Information and Communications also clearly stated the key tasks of the Digital Economy sector in 2024. Specifically, the total revenue of the Platform Digital Economy sector is estimated to reach 40 billion USD. The growth rate of the Platform Digital Economy is from 20-25%. The contribution rate of the total Digital Economy components to GDP is from 19%-20%. The proportion of the Digital Economy in each industry and field is 7.5%.
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| Source: Ministry of Information and Communications |
In 2024, the Ministry of Information and Communications will develop and submit for promulgation a Decree regulating electronic transactions in state agencies and information systems serving electronic transactions. Develop a Circular regulating the establishment and operation of a system for receiving and synthesizing data serving state management of electronic transactions of state agencies.
This unit will lead Ministries, branches and localities to implement the process of reviewing, recognizing and announcing National Digital Platforms/Digital Platforms with potential to become National Digital Platforms in the field of Digital Economy and Digital Society.
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The Ministry of Information and Communications also targets that by 2025, the Digital Economy will account for over 20% of the country's GDP, growing from 20% - 25%/year, 3 times higher than GDP growth. The proportion of the Digital Economy in each industry and field will reach at least 10%.
To achieve the above goal, the Ministry of Information and Communications will complete the Decrees guiding the implementation of the Law on Electronic Transactions (amended) in the direction of adding new contents on Digital Economy in accordance with the development requirements of the field; consolidate and perfect the system of institutions, policies and laws to facilitate the development of Digital Economy and Digital Society.
Along with that, the Ministry of Information and Communications will promote the implementation of tasks and solutions to develop the Digital Economy; support and promote the development of the Digital Economy in industries and fields, especially in the fields of agriculture, tourism, textiles, logistics and industrial production, finance, banking, etc.
According to Vietnam+
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