Global digital economy booms: Vietnam leads Southeast Asia in growth rate

Retail e-commerce is one of the bright spots of Vietnam's digital economy.

Digitalization spreads, creating strong growth momentum

According to the Digital Economy Report 2024 published by the United Nations Conference on Trade and Development (UNCTAD), the digital economy is rising strongly, becoming the main growth driver of the global economy.

The report, compiled from data from more than 200 countries, found that 60% of small and medium-sized enterprises (SMEs) have adopted digital solutions in their business processes, up from 15% in 2022. This increase has pushed the total value of global e-commerce transactions to an estimated $6.3 trillion in 2024, up 17% from 2023.

Digital technology is increasingly asserting its pivotal position, becoming a powerful tool to support socio-economic development in every country. For businesses, digitizing production and business activities is a top priority to keep up with global trends and enhance competitiveness in the market.

Digitalization has penetrated every field, businesses have actively applied digital technology to improve customer experience, diversify payment methods such as QR codes, e-wallets, loyalty apps...

Since the COVID-19 pandemic, digital technology has proven its importance in remote diagnosis and medical examination. Currently, electronic medical records, vaccination portals, online health insurance... are key factors for the development of the industry.

In the medical field, since the Covid-19 pandemic, digital technology has shown its importance in remote diagnosis and examination, eliminating physical communication bottlenecks and travel difficulties. Up to now, advances in technology and digital are key factors for the development of the medical industry with a series of items such as: Electronic medical records, Vaccination portal, Health insurance and online payment,...

Digital transformation contributes to changing the face of the F&B industry. From the raw material supply stage, production units have affixed QR codes so that customers can trace the origin; storage facilities are managed and operated by specialized applications, saving human resources, time, and finance; even the processing stage is tested with artificial intelligence (AI) to help reduce preparation and production time, limiting food tasting.

Other sectors such as banking, entertainment, insurance, aviation... are also not out of the trend. The proof is that a series of businesses have combined with technology solution providers to digitize customer care services and utilities.

In particular, in the 4.0 industrial revolution, any business is shifting to promoting sales through digital platforms such as social networks and e-commerce platforms, marking the boom in online shopping.

International experience and Vietnam's position

To make the most of opportunities from the digital economy, countries need to develop national strategies and implement digital skills training for the workforce.

On the global digital transformation map, Germany and South Korea have long established their leading positions with remarkable progress. While Germany focuses on building a creative startup ecosystem and optimizing resources through specialized digital centers, South Korea is promoting the development of smart factories and applying advanced manufacturing technology.

In Asia, South Korea is a prominent country with remarkable achievements in the field of digital transformation. The evidence is the 6th position in the World Digital Competitiveness ranking, 2nd in the Information and Communications Technology Development Index and 10th in the Global Innovation Index.

Not to be outdone, Vietnam is rising strongly, making its mark on the regional and global digital transformation map. According to the latest data, the proportion of the digital economy in 2024 is estimated to reach 18.3% of GDP, with an impressive growth rate, exceeding 20%/year - 3 times the GDP growth rate, the fastest in Southeast Asia.

Retail e-commerce is one of the bright spots of Vietnam’s digital economy, with expected revenue reaching $25 billion, growing by about 20%. This achievement puts Vietnam in the top 10 countries with the fastest e-commerce growth in the world.

In addition, cashless payments also recorded remarkable growth, reaching more than 50% per year, leading the Southeast Asia region.

These impressive figures show that Vietnam is making steady progress on the path of digital transformation, not only catching up but also having the potential to rise to parity with the world's leading technological powers.

The 34th Vietnam International Trade Fair (VIETNAM EXPO 2025) will officially take place from April 2 to 5, 2025 at the International Exhibition Center ICE, 91 Tran Hung Dao, Hanoi. This is the oldest trade fair in Vietnam since 1991, chaired by the Ministry of Industry and Trade of Vietnam, directed by the Trade Promotion Agency and organized by VINEXAD Company.

The 34th Vietnam International Trade Fair is expected to gather about 500 businesses exhibiting at 550 booths. As a major festival of the industry and trade sector, the main exhibition sectors at VIETNAM EXPO 2025 include: International Pavilion; Vietnam Export & Investment Promotion Pavilion; Electronics, Machinery and Supporting Industry Zone; Digital Technology & E-commerce Zone; and Agricultural Products, Food & Beverage Zone.

In particular, the Digital Technology & E-commerce Park introduces optimal digital platforms and solutions and e-commerce for industries with the participation of big names such as: Odoo HK, ZOHO (Singapore), STS, Diginet (Vietnam), Amazon...