Singaporean outlet names Vietnam fastest growing digital economy

Vietnam is the fastest-growing digital economy in the region, largely due to investment inflow which is still on an unprecedented rise, The Business Times has reported.

Singaporean outlet names Vietnam fastest growing digital economy hinh anh 1

Sendo.vn is among Vietnam's most popular e-commerce platform. 

“Over the last fouryears, approximately 1 billion USD in funding has poured into Vietnam'se-commerce sector, reaching a record high in 2019,” the Singapore-based newsoutlet said.

 


The last two yearshas seen the emergence of Vietnamese e-commerce players, such as Tiki,Thegioididong and Sendo, which are among the most successful e-commerceplatforms in the region, it said.

According to thereport "Vietnam's booming e-commerce market" released by ISEAS YusofIshak Institute last week, the greatest potential of Vietnam's e-commercesector can be seen via its enormous expansion, which is predicted to reach15 billion USD in terms of revenue in 2020.

In revenue terms, Vietnam’se-commerce surged 30 percent in 2018 to reach a new high of about 8 billion USD.User penetration was recorded at about 56.7 percent in 2019 and is expected toreach 64.4 percent in the next four years.

If the sector cankeep its current growth rate of 30 percent, its market size might hit 33billion USD by 2025, ranking third in Southeast Asia, after Indonesia (100billion USD) and Thailand (43 billion USD), said report author Dang Hoang Linh,who is Dean and senior lecturer of the Faculty of International Economics, the Diplomatic Academy of Vietnam.

The logistics anddelivery business also saw a phenomenal growth rate of 70 percent amid intensecompetition in 2018. They are also investing heavily in advanced technologies,such as automatic item sorting and big data.

Regarding thesupporting legal framework, compared to other ASEAN countries, Vietnam has arelatively favourable legal environment for the development of e-commerce, withfive out of six main laws fully enacted to regulate e-commerce activities./.VNA

 
 

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