Vietnam leads Southeast Asia in Internet economy growth

Friday, 2019-10-04 17:56:07
 Font Size:     |        Print

The Vietnam’s internet economy is forecast to reach US$12 billion in 2019. (Illustrative image)
 Font Size:     |  

NDO – The Vietnam’s internet economy continues to grow strongly and is forecast to reach US$12 billion in 2019 and up to US$43 billion in 2025, according to a report released on October 3.

The internet economies of Vietnam and Indonesia are expanding over 40% annually, leading the Southeast Asian region, according to a report by Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company.

The development of e-commerce and increasing confidence of investors are among the reasons to help Vietnam become a dynamic and spectacular online market in the region.

Vietnam currently has about 61 million internet users, an increase of 17 million compared to 2015.

The report also forecast that the internet economy of Southeast Asia will hit US$100 billion in 2019 and up to US$300 billion by 2025.

Meanwhile, the online economies of Malaysia, the Philippines, Singapore and Thailand are expected to grow by 20%-30% per year.

The development of the Southeast Asia's online industry comes from fundamental changes in the way people shop, eat and travel. Tens of millions of people in the region are using the internet and their smart phones to shop online, order food and use ride-share services, play games, buy air tickets, and others.

More than US$37 billion has been invested in online companies in Southeast Asia in the past four years, particularly in e-commerce companies, according to the report.