ASEAN governments are proactively promoting digitalization through various strong support programs. For example, a $1.3 billion fund was announced at the ASEAN-Australia Special Summit in Melbourne to support projects that enhance trade between the two regions. These efforts create numerous opportunities for sectors such as e-commerce, digital financial services, health technology, green technology, clean energy vehicles, and artificial intelligence.

Vietnam Leading ASEAN Digital Economic Growth

Vietnam stands out with the fastest digital economic growth rate in ASEAN. It is forecasted that by 2026, Vietnam will have approximately 67.3 million smartphone users, accounting for 96.9% of the total internet users in the country. Last year, Vietnam’s digital economy contributed 16.5% to GDP, with over 1,500 digital technology enterprises recording revenue from international markets, an increase of more than 7% compared to the previous year.

Businesses in Vietnam are focusing on investing in technology and digitalization to improve operational efficiency and meet customer needs. According to a survey by HSBC, 60% of businesses operating in Vietnam plan to increase their investment in technology and digitalization in 2024, with a focus on digital payments, e-commerce, and artificial intelligence.

The Vietnamese government has set ambitious goals through the National Digital Transformation Program by 2025, with a vision to 2030, with three main pillars: digital government, digital economy, and digital society. This program aims to enhance digital capabilities and promote the development of Industry 4.0.

E-commerce Growth: According to the Ministry of Industry and Trade of Vietnam, e-commerce revenue reached approximately $12 billion in 2023, an increase of 18% from the previous year. This impressive growth reflects the rapid shift of consumers and businesses to online shopping and sales.

Investment in Tech Start-ups: According to the Vietnam Institute for Economic and Policy Research (VEPR), Vietnam currently has over 3,000 tech start-ups, mainly focused on fintech, edtech, and healthtech. This is a significant increase compared to previous years, demonstrating the attractiveness and potential of Vietnam’s tech start-up market.

Support Policies and National Digital Transformation Program: Research from VEPR also highlights the importance of the National Digital Transformation Program by 2025 and the vision to 2030. This program aims to build three important pillars: digital government, digital economy, and digital society, with specific goals to enhance digital capabilities and promote the development of Industry 4.0.

Research from International Organizations: International organizations such as the World Economic Forum (WEF) and the World Bank have also provided positive assessments and forecasts about Vietnam’s digital economy. According to WEF, Vietnam ranks 6th among Southeast Asian countries in readiness for the Fourth Industrial Revolution, with strong digital infrastructure development and government-driven digital economic policies.

In conclusion, Vietnam’s digital economy is on a promising development trajectory, driven by government support, a tech-savvy population, and significant investments in digital technology. Despite facing challenges in capital mobilization, with high digital adoption rates and strong support policies, Vietnam is laying the foundation for sustainable and comprehensive development.