Singaporean outlet names Vietnam fastest growing digital economy
Vietnam is the fastest-growing digital economy in the region, largely due to investment inflow which is still on an unprecedented rise, The Business Times has reported.
Sendo.vn is among Vietnam's most popular e-commerce platform. (Photo: VNA)
Singapore (VNA) – Vietnam is the fastest-growing digital economy in the region, largelydue to investment inflow which is still on an unprecedented rise, The BusinessTimes has reported.
“Over the last fouryears, approximately 1 billion USD in funding has poured into Vietnam'se-commerce sector, reaching a record high in 2019,” the Singapore-based newsoutlet said.
The last two yearshas seen the emergence of Vietnamese e-commerce players, such as Tiki,Thegioididong and Sendo, which are among the most successful e-commerceplatforms in the region, it said.
According to thereport "Vietnam's booming e-commerce market" released by ISEAS YusofIshak Institute last week, the greatest potential of Vietnam's e-commercesector can be seen via its enormous expansion, which is predicted to reach15 billion USD in terms of revenue in 2020.
In revenue terms, Vietnam’se-commerce surged 30 percent in 2018 to reach a new high of about 8 billion USD.User penetration was recorded at about 56.7 percent in 2019 and is expected toreach 64.4 percent in the next four years.
If the sector cankeep its current growth rate of 30 percent, its market size might hit 33billion USD by 2025, ranking third in Southeast Asia, after Indonesia (100billion USD) and Thailand (43 billion USD), said report author Dang Hoang Linh,who is Dean and senior lecturer of the Faculty of International Economics, the Diplomatic Academy of Vietnam.
The logistics anddelivery business also saw a phenomenal growth rate of 70 percent amid intensecompetition in 2018. They are also investing heavily in advanced technologies,such as automatic item sorting and big data.
Regarding thesupporting legal framework, compared to other ASEAN countries, Vietnam has arelatively favourable legal environment for the development of e-commerce, withfive out of six main laws fully enacted to regulate e-commerce activities./.
Japanese investment in Vietnam has strongly developed in both quality and quantity as investors are applying the most advanced technologies in production, experts have said.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Sendo.vn is among Vietnam's most popular e-commerce platform. (Photo: VNA) 
