On the afternoon of November 6, in Ho Chi Minh City, Google, Temasek and Bain & Company announced the 8th Southeast Asia Digital Economy Report with the theme "Conquering New Heights: Towards a Profitable Growth Journey", thereby updating the digital economic trends of 6 countries in the Southeast Asian region including: Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
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| Google, Temasek and Bain & Company release the eighth Southeast Asia Digital Economy report. |
Despite the global macroeconomic turmoil, the report found that the region’s gross merchandise value continued to grow and is expected to reach $218 billion, up 11% year-on-year. The report also showed that Southeast Asia’s digital economy is expected to reach $100 billion this year.
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At this event, the Organizing Committee also highlighted Vietnam's digital economy. Accordingly, Vietnam continues to be the country with the fastest digital economic growth rate in Southeast Asia for two consecutive years (2022 and 2023) and is forecast to continue to hold this position in 2025 (equal to the Philippines). Vietnam's total merchandise value is expected to achieve a compound annual growth rate of 20%, from 30 billion USD in 2023 to nearly 45 billion USD in 2025. Merchandise value growth in the next 2 years will be led by e-commerce and online tourism.
In the e-commerce sector, Vietnam is expected to grow by 11% from 2022 to 2023 and grow at a CAGR of 22% through 2025, targeting a gross merchandise value of US$24 billion in 2025. The tourism sector is expected to fully recover this year, driven largely by strong domestic tourism growth. Online travel grew by 82% last year and is expected to grow at a CAGR of 21% from 2023 to 2025, with a projected gross merchandise value of US$7 billion. Other key sectors that continue to grow and contribute to Vietnam’s digital economy include transportation and food (food delivery services) and online media, which are expected to reach US$4 billion by 2025.
According to Mr. Marc Woo, Managing Director, Vietnam, Google Asia Pacific: “Vietnam’s digital economy is developing in the right direction, important sectors are expected to continue to grow despite facing many difficulties… Google continues to comprehensively support the national digital economy through many programs across the country, promoting Vietnamese technology startups and investing in local talent, from basic training for students and the workforce”.
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