On November 21 morning, the Vietnam e-Commerce and Digital Economy Agency under the Ministry of Industry and Trade organized the Vietnam Digital Industry and Trade Summit 2023 in the capital city of Hanoi.
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Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan speaks at the summit. |
Speaking at the opening ceremony, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that the global economic growth has also slowed down due to the global tightening of monetary policy. In addition, the effects of the conflict between Russia and Ukraine continue to cause pressure on economic activities, seriously affecting all socio-economic aspects.
Accordingly, the global trade slowdown began in the fourth quarter of 2022 until now, leading to global trade growth in 2022 increasing by only 2.7 percent.
The World Trade Organization predicted that global trade in 2023 would grow by only 1.7 percent.
Similarly, the Vietnam economy has been facing difficulties and challenges comprising a lack of orders together with product consumption and capital shortage.
Amid the current tough situation, the Vietnam's e-commerce and digital economy have maintaining to be a bright spot on socio-economic development.
The Deputy Minister of Industry and Trade quoted reports from Google, Temasek and Bain & Company which were announced on November 1, Vietnam remains the fastest-growing digital economy in Southeast Asia in two consecutive years of 2022 and 2023 and the country is expected to hold this position until 2025 equaling with the Philippines.
The Gross Merchandise Value (GMV) of Vietnam is expected to gain the Compound Annual Growth Rate (CADR) with a growth rate of 20 percent from US$30 billion in 2023 to nearly US$45 billion in 2025.
Especially, e-commerce is expected to dominate GMV growth of the Vietnam’s digital economy in the next two years.
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A view of the Vietnam Digital Industry and Trade Summit 2023 |
According to the surveys and reports of the Ministry of Industry and Trade, the Vietnam’s digital economy continued to maintain the growth rate of 20 percent in 2022.
During the passing years, Vietnam’s e-commerce has always maintained a growth rate ranging from 16 percent to 30 percent which is expected to reach US$20.5 billion in 2023.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that along with such a growth rate, the e-commerce and digital economy of Vietnam is expected to develop strongly in 2023 and the next years which would create momentum for economic development.
At the Vietnam Digital Industry and Trade Summit 2023, representatives of domestic and foreign e-commerce platforms said that online shopping and e-commerce are expected to continue booming in Vietnam in the coming years.
Deputy General Director of Lazada in Vietnam Dang Anh Dung informed that surveys and statistics of this e-commerce platform showed that, approximately 57 million Vietnamese people shop online, mostly in big cities such as Hanoi, Ho Chi Minh City and Da Nang.
Of these, 43 percent of Gen Z consumers access shopping apps for finding and purchasing products online every day, added Mr. Dung.
