Viet Nam became the fastest growing digital economy in ASEAN in 2022 and 2023, with respective growth rates of 28 percent and 19 percent, a report by Google showed.
The growth of the digital economy in Viet Nam continues to impress, last year it contributed 16.5 percent to the GDP, with more than 1,500 Vietnamese digital technology enterprises gaining revenues from foreign markets, up over 7 percent comapred to 2022.
Viet Nam's digital economy is set to further thrive in the years to come as the country has been a consistent outperformer in Asia with its GDP increasing at a compound annual rate of 5 percent over the past 20 year, expanding middle class, young population, and rapid emergence of digital consumers.
Urbanization is also an important contributor to income growth and the country's urban population is projected to rise from 37 percent in 2020 to 44 percent by the end of this decade.
Cities are likely to be Viet Nam's engine of growth, contributing roughly 90 percent of all consumption growth between 2020 and 2030.
The so-called digital natives born between 1980 and 2012, including members of Generation Z and millennials, are expected to account for around 40 percent of Viet Nam's comsumption by 2030.
Members of this digitally savvy generation live online and on their mobile phones. Viet Nam ranks 12th globally in terms of the number of internet users with 72,1 million in 2022, accounting for 73.2 percent of it's population.
Source: VGP
