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Vietnam reports fastest e-commerce growth in SE Asia: Deputy PM

Vietnam reports fastest e-commerce growth in SE Asia: Deputy PM

Sunday, March 19, 2023, 15:23 GMT+7
Vietnam reports fastest e-commerce growth in SE Asia: Deputy PM
Deputy Prime Minister Tran Luu Quang speaks at the Vietnam Connect Forum 2023 held in Da Nang City, central Vietnam on March 17, 2023. Photo: V.H / Tuoi Tre

Vietnam is the second fastest-growing digital economy in the world, following India, and has the fastest e-commerce growth in Southeast Asia, Vietnamese Deputy Prime Minister Tran Luu Quang said at the Vietnam Connect Forum 2023 held in Da Nang on Friday.

According to the deputy prime minister, Vietnam has recorded an average digital economy growth rate of 38 percent per year over the past few years.

The nation’s digital economy was valued at some US$23 billion last year.

According to Google and Temasek, the value of Vietnam’s digital economy may reach $49 billion by 2025 and $120-200 billion by 2030.

Meanwhile, the Vietnamese Ministry of Industry and Trade informed that Vietnam’s retail e commerce revenue in 2022 grew 20 percent year on year to hit $16.4 billion, making up 7.5 percent of the country’s total retail sales of consumer goods and services, news site Vietnamplus reported.

Deputy PM Quang said boosting innovation is the top priority of countries to recover and develop after the COVID-19 pandemic.

Vietnam is not an outsider to the trend. Its development strategies include sustainable development and enhancement of the digital, circular, and green economy.

The Southeast Asian country has made strong commitments on sustainable development, carbon emission reduction, and transition to clean energy.

At the Vietnam Connect Forum 2023, Deputy Minister of Foreign Affairs Ha Kim Ngoc said Vietnam needs to shift from the natural resource-based growth model to a greener and more sustainable development model.

Green growth and digital transformation must be top priorities, Deputy Minister Ngoc added.

The conversion from an agricultural economy to a modern multi-sector economy has resulted in an increasing energy demand, which has led to energy security risks, air pollution, and climate change.

Regarding orientations for the development of the central and Central Highlands regions, Deputy PM Quang said they are important regions.

The Central Highlands region will be developed based on agriculture and forestry with processing being a motivation and tourism expected to make breakthroughs.

Meanwhile, the north-central and central coastal areas are planned to develop a marine economy with synchronous and modern socio-economic infrastructure, and the resistance to natural disasters and climate change.

As of 2045, some industrial and service hubs are expected to be established in the regions.

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Thanh Ha - Tan Luc / Tuoi Tre News


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