Vietnam and Indonesia lead Southeast Asia with internet economy growth rates of more than 40 percent, according to a recent report (Photo: VNA) HCM City (VNS/VNA) — The Southeast Asian internet economy has expanded by 39 percent this year to hit 100 billion USD for the first time, according to a recent report by Google, Temasek and new partner Bain & Company. Vietnam and Indonesia lead with growth rates of more than 40 percent, while Singapore, Malaysia, Thailand, and the Philippines registered 20-30 percent growth. The e-Conomy Southeast Asia report for 2019 highlights the most significant industry trends observed in 2019 and analyses the current and future potential of the Southeast Asian internet economy across its six largest markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam). This surge across the region is attributed to an influx of around 100 million new online citizens in the last four years. This growing market of … [Read more...] about Vietnam, Indonesia lead ASEAN in internet economy growth
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Ride-hailing unicorns like Grab and Gojek have received a huge amount of investment in the past four years. (Photo: Reuters) Hanoi (VNA) – Southeast Asia’s internet economy is forecast to reach 300 billion USD by 2025 as millions of people in the region take up online shopping and embrace ride-share food delivery, an industry report said on October 3. In a bid to hit that target, the online industry is expected to grow by 200 percent over the next five years from an estimated 100 billion USD this year, according to the report by Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company. The annual report lifted its 2025 outlook from 240 billion USD previously after a tripling in growth in the past four years alone as young internet users turn to their phones to do everything from banking and playing games to purchasing plane tickets. It said the pace of growth has exceeded all expectations, and internet access is now affordable … [Read more...] about Southeast Asia’s digital economy could hit 300 billion USD by 2025
Viet Nam is one of the two fastest-growing digital economies in Southeast Asia, with the average growth rates in excess of 40% since 2015, in which e-commerce is a key driver behind the impressive numbers. These dynamics are unlocking opportunities for entrepreneurial Vietnamese SMBs, which have jumped onboard the Internet economy to do business, says the Report Investor confidence in Viet Nam is on the rise. Over the last four years, Viet Nam’s Internet economy has attracted almost US$1 billion in funding, with 2019 in line to be a record year. Viet Nam has set goal to increase the GDP share of digital economy to 20% by 2025, according to the Resolution No. 52-NQ/TW of the Politburo on guidelines for participation in the 4th Industrial Revolution. The 2019 report covers five key sectors of the Internet economy: Online Travel, Online Media, Ride Hailing, e-Commerce, and Digital Financial Services across Southeast Asian countries. Just over a decade ago, four in five Southeast … [Read more...] about Viet Nam’s digital economy forecasted to reach US$43 billion by 2025
Dang Hoang Hai, Head of the Ministry of Industry and Trade’s Department of E-commerce and Digital Economy; Pham Trung Kien, Director General of Viettel Digital, Phung Anh Tuan, Vice President and General Secretary of the Viet Nam Association of Financial Investors According to the Central Institute for Economic Management, the use of cash for payments is a deep-rooted habit in Viet Nam with cash transactions accounting for 90%. Up to 99% of population use cash for payments of less than VND100,000 and nearly 85% use ATMs for cash withdrawal, reported the Institute. Dang Hoang Hai, Head of the Ministry of Industry and Trade’s Department of E-commerce and Digital Economy. Photo: VGP Recent developments of non-cash payments Dang Hoang Hai: Data shows that there have been fast-changing trends, including non-cash payment in our society. Accroding to the State Bank of Viet Nam, non-cash transactions grew by 30% in terms value of non-cash payments increased by 18% in … [Read more...] about Should telecom accounts give strong boost to cashless payment development?
Vietnam Economy Striving for a made-in-Vietnam digital economy By Thuan Nguyen – Dinh Phuong – Van Thinh Sunday, Oct 20, 2019,14:59 (GMT+7) Striving for a made-in-Vietnam digital economyBy Thuan Nguyen – Dinh Phuong – Van Thinh Vietnam's top-six investors governing Vietnam's key e-commerce platforms - Source: E-commerce Rewind 2018, iPrice, 2018 Phrases such as online purchase, online taxi booking or online food orders have become familiar. The benefits for consumer welfare are clear, but do Vietnamese firms stand to gain too? Five or seven years ago, it seemed unlikely that people would be able to purchase practically everything, from groceries and clothes to expensive goods such as television sets, fridges or even houses, in the comfort of their home. Escalating growth The year of 2018 and the first nine months of 2019 witnessed the phenomenal growth of the digital economy in six Southeast … [Read more...] about Striving for a made-in-Vietnam digital economy