Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.

In his opening remarks at the forum, Deputy Minister of Industry and Trade Truong Thanh Hoai stated that most international organisations have expressed a more optimistic outlook for global economic growth in 2024, projecting the global GDP growth rate to reach approximately 3.2%.

According to the 9th edition of the e-Conomy Southeast Asia report released by Google, Temasek, and Bain & Company on November 5, retail e-commerce continues to be a key pillar of Vietnam's digital economy, contributing 22 billion USD to the country’s GDP, 18% higher than the previous year, accounting for 61% of the total size of the Internet economy.

The report said that Vietnam's high growth rate is expected to remain stable, driven by its manufacturing, processing, and export. By 2030, the Gross Merchandise Value (GMV) is projected to range from 90 to 200 billion USD, reflecting the ongoing expansion of Vietnam's digital economy and e-commerce market.

In 2024 and the years ahead, with such robust growth, Vietnam's e-commerce and digital economy are poised for even stronger development, becoming one of the key drivers of economic growth.

This period represents a crucial opportunity to establish new models and strategies, leveraging digital technologies to enhance the competitiveness and resilience of businesses and organisations, it said.

The official said the ministry has issued several policies to promote the digital transformation of the industry and trade sector in line with the national strategy for developing digital economy and society.

The ministry aims to strengthen its role as a connector between government agencies, local departments of industry and trade, associations, organisations and businesses in the digital transformation process, towards proposing policies and solutions to effectively promote e-commerce and the digital economy within the industry and trade sector.

According to Tran Minh Tuan, Director of the Department of Digital Economy and Digital Society under the Ministry of Information and Communications, with a market of 100 million people, accounting for 1.23% of the world population, Vietnam's potential for e-commerce development remains large.