Hanoi (VNA) - Vietnam's digital economy was valued at 9 billion in 2018and is expected to reach 30 billion by 2025, according to Open Gov Asia.
In an article published on September 24, Open Gov Asia said Vietnam’s digital economy is growing rapidly, making importantcontributions to the country’s economy.
Over the past years, Vietnam has witnessed an increase in online shopping, thearticle said, adding that the boom of e-commerce and the emergence of newbusiness models on the Internet have changed consumption habits of Vietnamesepeople.
It stressed that e-commerce is thefastest developed field in Vietnam, growing at about 30 percent a year, withrevenue in 2018 valuing at about 8 billion USD and predicted to reach at least10 billion USD by 2020.
According to the article, telecommunications enterprises in Vietnam have alsogrown with a turnover of about 6.1 billion USD, creating more than 851,000jobs. Meanwhile, the online advertising industry is growing rapidly, withforecast revenue of more than 1 billion USD by 2020, three times higher thanthe figure in 2016.
However, the article also pointed out challenges facing Vietnam in the contextof the explosion of a digital economy, especially cyber security, and competitivepressure in the integration process.
To reach sustainable growth, Vietnam needs comprehensive measures and joint effortsfrom both State and private sectors, including creating favourable legalcorridors and normative documents that are appropriate for a digital economy, upgradingdigital infrastructure and equipping modern digital technology solutions, givingtax incentives for investment activities, developing digital infrastructure andinformation security./.
Information and technology (IT) firms will lead the country’s digital transformation in all sectors, said Phan Tam, Deputy Minister of Information and Communications (MIC).
Business leaders and economic experts discussed how an open economy like Vietnam should deal with risks and impacts in the wake of international economic and technological upheavals at a business forum themed “Navigating the digital age” held by Forbes Vietnam in HCM City on August 15.
E-commerce allows small- and medium-sized enterprises to close the gap between them and large enterprises thanks to the equal and flexible competitiveness of the digital business environment, said a local official of Ben Tre province.
The Viettel Military Industry and Telecoms Group (Viettel) has once again topped the list of 50 most valuable brands of Vietnam released on September 24 by Brand Finance – a UK-based brand evaluation company.
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.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Illustrative image (Source: internet) 
