VOV.VN - Vietnam is one of the countries which has a high percentage of Internet users who shop online for goods weekly at over 60%, higher than the global average of 57.6%.
Vu Hoang Lien, chairman of the Vietnam Internet Association speaks at the event
Upon addressing the 11th Internet Day 2023 Conference running the theme of “Internet Vietnam: New Spaces, New Opportunities”, Vu Hoang Lien, chairman of the Vietnam Internet Association, said that according to Wearesocial statistics, up to January, the country had recorded 77.93 million Internet users, equivalent to 79.1% of the national population.
Billions of US$ likely to be poured into Vietnam
The SEA 2023 report recently published by Google and Temasek commented on the Vietnamese market, which boasts a growing digital economy expected to reach US$45 billion by 2025.
The report also predicted that between 2022 and 2025, the Vietnamese economy will record the leading growth rate in the region at about 31% per year with a scale of about US$49 billion by 2025.
International organisations are making positive assessments relating to the development of the digital economy in general and e-commerce in particular in the nation.
With the global economic recession leading to a reduction in personnel and an investment budget for information technology, billions of US$ from several of the world's technology giants such as NVIDIA, Meta, SpaceX, Foxconn, Samsung, LG, and Intel are set to make massive inroads into the Vietnamese market.
This can be viewed as an opportunity for Vietnamese information technology businesses to open a new growth space, especially relating to co-operation opportunities between the nation and the US.
“In July 2023, the Vietnam Ministry of Information and Communications outlined 5 new spaces that will have a scale equivalent to telecommunications by 2025, and by 2030 will surpass telecommunications, including Cloud Computing, Digital Platform, E-Commerce, Make in Vietnam Industry and Cyber Security.
These will be the main growth spaces for digital technology and telecommunications businesses over the next 10 years. The conference aims to promote Vietnam's Internet development, shape and share the opportunities of a promising Internet economy," Hoang Lien emphasised.
Vietnamese Internet captures attention of many international investors
According to Deputy Minister of Information and Communications Pham Duc Long, the world is now entering a new generation of Internet use following the explosion of new technologies such as Internet of Things (IoT), cloud computing, artificial intelligence (AI), blockchain, 5G/6G, with high-density connection, low latency, and ultra-wide bandwidth.
Deputy Minister of Information and Communications Pham Duc Long
The scale of Vietnamese Internet economy in 2022 hit US$23 billion and is forecast to reach US$49 billion by 2025. The country’s online retail revenue in 2022 reached US$14 billion, with the figure anticipated to increase to US$32 billion by 2025.
“This is clearly a huge opportunity that the Internet has brought to Vietnam's development. This great development prospect has attracted the attention of many international investors, most of which are companies and businesses from developed countries such as the US, Germany, China, Japan, the Republic of Korea, China and Singapore," Deputy Minister Long stated.
Internet Day 2023 is viewed as a good opportunity for information and technology businesses to both learn and interact directly with leading experts in the information technology industry, thereby helping them to connect and share the current latest technology information.
