Digital technology is forecast to create US$74 billion for Vietnam's economy by 2027. However, Vietnam must attract investment capital from around the world, especially investment in startups.

Bain & Company, in association with Tech for Good Institute – TFGI, has released a report on the platform economy in Southeast Asia, focusing on the Vietnamese market.

The Ministry of Information and Communications has submitted to the Government a draft Strategy for developing Vietnam’s digital economy and digital society, which may be approved this December. 

While tourism has been hit hard by Covid-19, e-commerce has become the driving force for the digital economy in Vietnam this year.

Vietnam’s digital economy this year is expected to grow by 31% to US$21 billion - bolstered by a 53% year on year growth in e-commerce despite the shrinking online travel market - and hit US$57 billion by 2025.

Startup Sky Mavis with the game Axie Infinity has surprised the Vietnamese startup community when it reached a huge total market capitalization - US$2.4 billion - after three years since its release, a record time in the Asian technology world.

With a young population and the popularity of the Internet, Vietnam has great opportunities and potential to develop the industry of e-sports and video games. This will become a “smokeless industry” in Vietnam in the near future.

Vietnam’s e-commerce has been growing rapidly, and when the pandemic is over, the e-commerce market is expected to be even more robust.

The Ministry of Planning and Investment is working on the draft Circular on the Set of Statistical Indicators for the Digital Economy. 

On September 5, when the Covid-19 outbreak was still rampant, the new school year started online for millions of students. 

The set of indicators will fully reflect every aspect of the digital economy, including digital infrastructure, the popularity of digital means, online services, and human resources.

Vietnam has been among the top 10 countries in terms of cross-border data transfer in the past decade.

“We have to figure out a new ‘farm produce path’ that allows us to connect fields and markets,” said Minister of Agriculture and Rural Development Le Minh Hoan.

Green growth and digital development are likely the most anticipated trends in the first half of the 21st century, helping a country develop fast and sustainably.

Green and digital development is the main development trend in the first half of the 21st century.

Experts have called on Vietnam to enhance its legal framework to promote the development of the digital economy to attract investment and improve its competitiveness.

Vietnam had a positive GDP growth in the first half of the year, and budget collections were beyond expectations. But there is still a dark side to Vietnam’s economy.

The Ministry of Information and Communications (MIC) and the Asian Development Bank (ADB) have signed a Memorandum of Understanding on cooperation in developing digital government, digital economy and digital society.

Online advertising, as the first choice of firms and brands amid the pandemic, is thriving in Vietnam and could reach the milestone of 1 billion USD in revenue this year.

Prime Minister Pham Minh Chinh has recently tasked the Ministry of Information and Communications (MIC) to finalize and submit a national strategy on developing digital economy and digital society this August.