Vietnam’s digital economy is projected to grow fastest in Southeast Asia, reaching US$50 billion by 2025, a report said.

The country is poised to become the fastest-growing digital economy in Southeast Asia by 2023.

Minister of Information and Communications Nguyen Manh Hung says that the portion of the digital economy to GDP by the end of 2023 may reach over 17 percent, and with good solutions to stimulate the economy, the figure may reach 25 percent by 2025.

Many Vietnamese digital signature authentication service providers are seeking answers about the use of one digital signature for individual citizens.

According to experts, personal digital signatures used for electronic transactions satisfy need for authentication of a user's identity. It will be an indispensable part in digital transformation and digital economy development.

At the fifth session of the National Assembly that was held this May, it was decided that the Government will submit an amended Bill on Credit Institutions for approval at the next session of the National Assembly in October.

With 85.7 points, Hanoi stands second in the Vietnam E-Business Index (EBI) 2023 rankings, following Ho Chi Minh City.

Blockchain is increasingly influential in all aspects of life in Vietnam and is expected to play an important role in the digital economy.

The digital economy is expected to contribute 16 percent of Viet Nam’s GDP in 2023, according to a decision introducing an action plan for the National Committee on Digital Transformation.

For Vietnam to fully tap into the digital future, experts say institutions and policies must be reformed to reflect Government commitments.

Vietnam’s digital economy saw the gross merchandise value (GMV) reaching US$23 billion last year, with e-commerce making up over 60%.

Vietnam’s digital economy is predicted to continue growing with a CAGR (compound annual growth rate) of 31 percent with value reaching $49 billion by 2025, according to a report about e-commerce.

The digital economy in Vietnam has strong growth potential, but faces a number of significant hurdles, including losses in tax revenue, infrastructure challenges, and vast carbon emissions.

'Going together’ is one of the principles the Ministry of Information and Communications (MIC) has suggested to technology firms to reach out to the world market.

Vietnamese enterprises have begun allocating a budget for digital transformation, which shows heightened awareness of the need for the process.

Vietnam is believed to be a lucrative market for digital economy with the second fastest growth pace in the world last year, after India.

The two-year pandemic changed Vietnamese shopping habits and boosted e-commerce.

The Vietnamese Government has asked ministries and localities to focus on promoting the development of digital finance and digital economy in 2023.

Vietnam is speeding up the development of the digital economy, considering this a "breakthrough" step to promote the country's economic growth in the context of the 4th industrial revolution.

The potential of Vietnam's digital economy is estimated at US$40 billion, but only a small part of it has been exploited.