Vietnam's digital economic growth rate ranks first in ASEAN

The Ministry of Information and Communications estimates that the proportion of the digital economy in Vietnam's Gross Domestic Product (GDP) will reach 16.5% in 2023 and 18.5% by June 2024.

Vietnam currently has 9.13 million customers using Mobile Money, of which 72% are in rural and mountainous areas. (Source: vneconomy.vn)

The Ministry of Information and Communications - the standing agency of the National Committee on Digital Transformation reported at the Government Standing Conference on Digital Transformation with Ministers, Heads of Sectors, Chairmen of People's Committees of provinces and centrally run cities on July 19.

If in 2020, Vietnam only ranked 6th in the ASEAN region in terms of digital economic growth rate, then in 2021 it ranked 3rd and in the next two years 2022, 2023 it ranked 1st. Specifically, Google's report determined that Vietnam's digital economy in 2022 grew by 28%, in 2023 it reached 19%, 3.5 times higher than the GDP growth rate.

The 2022 Artificial Intelligence (AI) Readiness Index report ranked Vietnam 55th globally, while Singapore ranked 2nd, Malaysia 29th, and Thailand 31st. In terms of global cybersecurity rankings, Vietnam ranked 25th out of 194 countries and territories ranked.

According to Vietnam's assessment, the national digital transformation index (DTI) has increased steadily over the years, reaching 0.71 points by 2022; component indexes on digital government, digital economy and digital society still maintain a high growth rate of 45-55%.

Regarding administrative procedure settlement and online public service provision for people and businesses, if in 2019 it only reached nearly 11%, from 2020 to now there has been a breakthrough growth, reaching 55% to date, 5 times higher than the entire period before 2020; the rate of online records in 2019 was only about 5%, at present, this rate has reached 43% (an increase of more than 8 times).

Regarding digital economic development, the Ministry of Information and Communications estimates that the proportion of digital economy in Vietnam's GDP will reach 16.5% in 2023 and 18.5% by June 2024.

Digital products of Vietnamese enterprises continue to develop and be exported around the world. According to a report by the General Department of Customs, digital product exports increased from 113.5 billion USD in 2021 to 117.3 billion USD in 2023; in the first 6 months of 2024, they reached 64.9 billion USD, an increase of 23%.

Revenue from software and information technology services increased significantly (2023: 13 billion USD; 6 months of 2024: 6 billion USD); exports in 2023 reached 7.5 billion USD; 6 months of 2024 reached nearly 3 billion USD.

Many of the world's leading technology corporations have made large investments in Vietnam, committed to new investments and expanded investments, especially in fields such as electronics, semiconductor chips, research and development, artificial intelligence, etc.

Digitalization of economic sectors, digital transformation in management, investment, construction and production are being strongly implemented. E-commerce revenue increased from 13.7 billion USD in 2021 to 20.5 billion USD in 2023. Hundreds of OCOP products have been sold through domestic and cross-border e-commerce platforms, creating livelihoods and high incomes for farmers.

Non-cash payments are widely deployed nationwide. The proportion of adults with payment accounts reached 87%, exceeding the 2025 target of 80%. There are currently 9.13 million customers using Mobile Money, of which 72% are in rural, mountainous, remote, border and island areas.

The electronic tax system is built synchronously from tax registration to tax declaration, tax payment, electronic tax refund and deploying the electronic invoice system nationwide (processing 8.8 billion invoices).

Digital transformation to serve people and social security has developed strongly, such as registering for high school graduation exams, registering for online admission in education; connecting data on driver's health examinations, birth certificates, death certificates...; in social insurance (during the peak of Covid-19, in 1 month, 31,836 billion VND was paid to over 13.3 million workers via the electronic system); 63/63 localities made social security payments through accounts for 1.96 million people with an amount of over 8,280 billion VND.

National and specialized databases have been actively deployed, connected, integrated and shared. Fundamental databases such as: Population, tax, insurance, business, education and training... have been put into stable operation, bringing positive results.

Digital infrastructure and digital platforms have received investment and have developed. 100% of communes, wards and towns are connected to fiber optic Internet.

Many international organizations have assessed Vietnam's digital transformation results. The 2022 E-Government Index ranked 86/193. The Innovation Index has always been in the top 50 countries since 2018; in 2023, it ranked 46/132. The 2023 Postal Index reached level 6/10, ranked 47/172.

Source: https://baoquocte.vn/toc-do-tang-truong-kinh-te-so-cua-viet-nam-dung-thu-nhat-asean-279377.html