In the context of globalization and the strong development of digital technology, Vietnam is witnessing a strong transformation in the digital economy. By 2024, the proportion of the digital economy in Vietnam's GDP is estimated to reach 18.3%, marking a growth of 20% compared to 2023. This is an encouraging result, affirming the determination of the Government and businesses in promoting the digital economy, aiming to account for 20% of GDP by 2025.
One of the important factors helping Vietnam achieve these remarkable steps is the completion of the legal framework for the digital economy. Important decrees and decisions such as Decree 137/2024/ND-CP on electronic transactions and Decision 1437/QD-TTg on the national action plan for digital economic development have created a solid foundation to promote economic activities in the digital environment.
Digital Technology Industry: A Strong Driving Force of the Digital Economy
In 2024, the information and communications technology (ICT) industry has strongly contributed to the growth of the digital economy. The proportion of this industry in GDP is estimated at 10.07%, with estimated revenue reaching VND 3,949,469 billion (~USD 154.76 billion), an increase of 12.3% compared to 2023. This is a clear demonstration of the strong development of the digital technology industry in Vietnam.
In particular, Vietnam has achieved remarkable achievements in mastering 5G technology, becoming one of six countries in the world to master this technology. In addition, the export turnover of hardware and electronics is also estimated at 133.2 billion USD, an increase of 10.4% compared to 2023, showing the competitive strength of Vietnam's ICT industry in the international arena.
By the end of 2024, Vietnam will have about 54,500 digital technology enterprises in operation, an increase of 14.89% over the same period in 2023. The ratio of Vietnam's value/Revenue in the ICT industry is estimated at 31.8%, an increase of 3.1% compared to 2023, showing the level of sustainable development and the ability to increase added value in the digital technology industry.
Digitalization of Economic Sectors: Spreading from Traditional Sectors
In addition to the strong development of the ICT industry, digitalization of other economic sectors is also achieving impressive results. The proportion of digital economy in industries and sectors has accounted for 8.23% of GDP, reflecting the comprehensive transformation of the economy from traditional sectors to digital economy.
In particular, in 2024, the program to support small and medium enterprises (SMEs) in digital transformation of the Ministry of Information and Communications attracted more than 1.3 million enterprises to participate. About 43% of these have applied digital platforms to improve business operations, increase production efficiency, and at the same time enhance connectivity and expand markets.
The e-commerce industry has also achieved remarkable results, as the retail e-commerce market size is expected to exceed 25 billion USD, an increase of about 20% compared to 2023. Vietnam is currently in the group of 10 countries with the fastest e-commerce growth rate in the world, which not only boosts the economy but also motivates businesses to strongly transform digitally.
Another bright spot is the agricultural sector, when the e-commerce platform nongsan.buudien.vn has brought more than 3,600 OCOP products to the platform, contributing to directly connecting Vietnamese agricultural products with domestic and foreign consumers. More than 2 million agricultural production households have been trained in digital skills, opening up opportunities for sustainable development for the agricultural sector in the digital age.
Strong Promotion from State Policy
The fact that ministries, branches and localities organize many thematic conferences on digital economy in fields such as agriculture, industry and trade, construction, and natural resources and environment has created close and synchronous connections in the development of the digital economy. The Ministry of Information and Communications has also found successful models in developing the digital economy in specific fields, from e-commerce, smart manufacturing to smart tourism, contributing to improving the efficiency of digital transformation of enterprises and localities.
Future Prospects
With remarkable progress in 2024, Vietnam's digital economy is facing many opportunities for strong development. It is forecasted that if this growth rate continues to be maintained, Vietnam will complete the goal of the digital economy accounting for 20% of GDP by 2025, creating a solid momentum for the Vietnamese economy to enter the digital age, improve competitiveness and develop sustainably.
However, to realize this potential, continuing to improve the legal framework, increasing investment in technology research and development, and promoting digital transformation in economic sectors are indispensable factors. Vietnam is on the right track and promises to be one of the leading countries in digital economic development in the region and the world.