Vietnam's digital economy is rapidly growing, reaching a value of $30 billion in 2023 and projected to increase by 20% to $43 billion by 2025. This growth is driven by the adoption of technology in businesses, the development of fintech, and rising incomes among the middle class, according to a report from Acclime Vietnam.
Businesses Quickly Embracing Digital Transformation
Vietnam has undergone a significant technological transformation, with 87% of surveyed businesses implementing digital transformation. A survey by the Ministry of Planning and Investment shows an improvement in digital readiness across all sectors.
Notable Trends in GenAI and Sustainability
Generative Artificial Intelligence (genAI) is becoming increasingly popular, with 40% of Vietnamese financial organizations having adopted this technology. Additionally, smart industrial parks are emerging due to the integration of sustainable practices.
Factors Driving Growth
This growth is supported by a thriving startup ecosystem with around 3,800 businesses, as well as a shift towards e-commerce and digital financial services, especially following the COVID-19 pandemic.
Impressive Growth in Fintech
The fintech sector is booming, with 32.77 million active e-wallets and a significant increase in online and mobile payment transactions. From 2013 to 2023, $1.04 billion was invested in payment fintech startups in Vietnam. Recently, NextBold Capital announced plans to raise a $100 million fund to support small and medium-sized enterprises in the region.
Investment Capital by Sector in Vietnam, Source: Do Ventures, NIC, and Cento Ventures, 12/2023
Source: fintechnews.vn
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