Expectations for Vietnam's Digital Economic Growth

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The digital economy contributes 16.5% to the national GDP

According to the Ministry of Information and Communications, Vietnam's digital economic development rate in 2023 continues to increase by 19%, recording the highest in Southeast Asia and three times higher than the GDP growth rate.

2023 is also the second consecutive year that Vietnam recorded the highest growth rate in the region (according to the Annual Digital Economy Report of Google, Temasek, Bain & Company). In addition, growth in e-commerce and digital payments also witnessed breakthroughs: Payment transactions in the online environment increased by 66% in total transactions and 4% in transaction value.

There are 64 Vietnamese applications and digital platforms with a monthly number of regular user accounts of over 1 million and 376.7 million user accounts.

The average time spent using Vietnamese digital platforms is about 2.4 hours/day. 03 applications of state agencies that attract a large number of users in Vietnam are VneID of the Ministry of Public Security, VssID of Vietnam Social Security, and Vietnam Youth of the Ho Chi Minh Communist Youth Union Central Committee, with the total users of all 03 applications being about 65 million.

The total revenue target of the digital platform economy reaches 40 billion USD

In the field of digital economy and digital society, recently, the Ministry of Information and Communications has developed and submitted to the Prime Minister a project for digital economic development in the Central Highlands region until 2023.

At the same time, the Ministry has issued Decisions on criteria and regulations for recognizing individuals and consulting organizations belonging to the Network of consultants supporting businesses in digital transformation; Decisions on Criteria Framework, establishment of a Council and process for determining pilot digital platforms to serve the people in 2023; Decision on Criteria Framework and process for determining digital platforms participating in the Program to support small and medium enterprises (SMEs) in digital transformation.

In addition, the Ministry also amended legal documents related to the issuance and management of public digital signatures to ensure convenience for organizations and individuals in signing documents when performing online public services.

In 2024, Vietnam strives for total revenue in the platform economy to reach USD 40 billion; the platform economic growth rate is from 20-25%; the contribution rate of total digital economic components to GDP reaches 19%-20%; the proportion of digital economy in each industry and field reaches 7.5%.

Accordingly, the Ministry of Information and Communications will implement many key tasks:

First, develop and submit for promulgation a Decree regulating e-transactions in state agencies and information systems serving e-transactions; Develop a Circular regulating the establishment and operation of a system for receiving and synthesizing data to serve state management of e-transactions.

Second, guide ministries, branches, and localities to implement the process of reviewing, recognizing, and announcing national digital platforms / digital platforms with the potential to become national digital platforms in the field of digital economy and digital society.

Third, 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 reaches at least 10%.

Finally, promote the implementation of tasks and solutions to develop the digital economy. Support and promote digital economic development in industries and fields, especially in agriculture, tourism, textiles and garments, logistics and industrial production, finance, and banking.

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