The Department of E-commerce and Digital Economy recently hosted a forum themed “Promoting Digital and Green Transformation for Sustainable Development.” According to participants, Vietnam’s internet economy is expected to reach $36 billion this year, a 16% increase from the previous year.
The forum, organized by the Ministry of Industry and Trade’s E-commerce and Digital Economy Department, attracted over 500 businesses from various economic sectors. In his opening speech, Deputy Minister of Industry and Trade Tran Thanh Hoai noted that the global economy is currently in a recovery phase. Several international organizations are optimistic about global economic growth in 2024, predicting a global GDP growth rate of approximately 3.2%. Similarly, Vietnam’s economic growth in 2024 is expected to be 0.9 to 1.1 percentage points higher than in 2023.
He emphasized that as one of the main drivers of economic growth, Vietnam’s e-commerce and digital economy market will further expand.
According to Google and Temasek’s Southeast Asia Digital Economy Report 2024 released earlier this month, Vietnam’s internet economy is estimated to reach $36 billion this year. The report shows that retail e-commerce remains the cornerstone, contributing $22 billion, an 18% year-over-year increase, accounting for 61% of the entire internet economy. Data also indicates that Vietnam is poised to maintain rapid growth, driven by strong manufacturing, processing, and export sectors. By 2023, Vietnam’s internet economy is expected to reach between $90-200 billion.
This forum provided a platform for relevant agencies from the Ministry of Industry and Trade and the Ministry of Information and Communications to share strategies and plans to promote e-commerce development and encourage manufacturing enterprises to embrace national digital transformation.
Representatives from Hanoi’s Department of Industry and Trade, Vietnam Electricity Group, Grab Vietnam, and FPT Digital shared successful digital transformation experiences and offered suggestions to national management agencies for improving digital efficiency.
The forum also hosted two specialized workshops focusing on “Digital and Green Transformation in Manufacturing and Energy Sectors” and “E-commerce Development Trends.” Additionally, a technology exhibition showcased digital transformation solutions, smart manufacturing innovations, and e-commerce applications.
Key Points:
- Vietnam’s internet economy expected to reach $36 billion, up 16% year-over-year.
- Retail e-commerce contributes $22 billion, accounting for 61%.
- Vietnam’s 2024 economic growth expected to exceed 2023.
- Over 500 businesses participate in digital transformation forum.
- Specialized workshops explore manufacturing sector digital transformation.
- Latest digital technologies and solutions showcased.
- Long-term internet economy forecast between $90-200 billion.
