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Vietnam has highest digital economy growth in Southeast Asia
Vietnam’s digital economy is the fastest growing in Southeast Asia, with expected gross merchandise value growth rate of 28 percent, from US$18 billion in 2021 to US$23 billion this year, according to the report of Google, Temasek and Bain & Company.
The major driving force for Vietnam’s digital economy growth is e-commerce, with a 26 percent growth rate over last year.
Vietnam is among the countries that have quickly restored business activities to a new normal. However, some new consumption trends formed and promoted during the pandemic are still being maintained.
About 90 percent of digital consumers want to increase use of e-commerce platforms in the next 12 months. Most consumers are focused on food delivery services (60 percent) and online grocery shopping (54 percent).
The report said that in the new normal period, consumers will maintain their online shopping habits, and that eight out of every 10 people will continue shopping online because of convenience. However, with worries about the pandemic and global economy, consumers are tightening their purses, which explains why average spending is lower than two years ago.
The report said that digital consumers in Vietnamese cities have the highest digital adoption service level. The figures are 96 percent, 85 percent and 85 percent, respectively, for e-commerce, food and groceries.
Meanwhile, the frequency of Vietnamese people consuming digital content is lower than the region’s average level. About 23 percent of polled people said they watch videos on demand once a week at least, while 19 percent spend time on online games and 16 percent listen to music.
Digital financial services continue to thrive in Vietnam. The digital lending sector posted the fastest CAGR (compound annual growth rate) at 114 percent.
Trong Dat
Source: https://vietnamnet.vn/en/vietnam-has-highest-digital-economy-growth-in-southeast-asia-2075889.html