Vietnam’s internet economy worth 21 billion USD last year

Vietnam’s internet economy was valued at about 21 billion USD in 2021, contributing to 5 percent of GDP and rising seven-fold from 2015.

The information was released at the Vietnam - Asia Digital Transformation Summit (Vietnam - Asia DX Summit) 2022 that opened in Hanoi on May 25.

Nguyen Van Khoa, Chairman of the Vietnam Software & IT Services Association (VINASA), said the internet economy’s size last year showed that despite the COVID-19 pandemic’s impacts, digital transformation has generated strong growth for the digital economy.

Vietnam now has a chance to promote the internet economy, especially by applying and developing digital transformation applications and platforms, he added.

He considered the Government’s target for the digital economy making up 20 percent of GDP by 2025 as a big challenge to all sectors, especially digital technology companies.

To quickly boost the digital economy, Vietnam needs joint efforts by the entire political system and, especially, IT and software enterprises, Khoa added, pointing out that those firms should create quality digital transformation platforms and solutions, press on with developing related technologies such as artificial intelligence, machine learning, and blockchain, and assist agencies, organisations, and businesses nationwide to carry out digital transformation.

The two-day summit aims to provide an overall view of digital transformation in Vietnam, share information and experience, while introducing technological models and solutions to help accelerate the process.

Participants are set to look into issues relevant to a digital government, a digital economy, and digital enterprises. There are also two panel discussions where representatives from 11 regional countries will share experience in this field. An exhibition on digital transformation solutions is also taking place at the event.