Vietnam takes lead in internet economy in SEA: Report
Vietnam takes the lead and set to post a 31% growth in gross merchandise value (GMV) from 23 billion USD in 2022 to 49 billion USD in 2025, according to the "e-Conomy SEA 2022" report released by Google, Temasek and Bain & Company on October 27.
Hanoi (VNA)ꦺ – Vietnam takes the lead and set to post a 31% growth in grossmerchandise value (GMV) from 23 billion USD in 2022 to 49 billion USD in 2025, accordingto the "e-ConomySEA 2022" report released by Google, Temasek and Bain & Company on October27.
Thereport said South East Asia’s top digital economies grew faster than expectedin 2022 and is set to reach 200 billion USD in total value of transactions madethis year. The sixmajor economies covered in the report, namely Indonesia, Malaysia, thePhilippines, Singapore, Thailand and Vietnam, will achieve the milestone of200 billion USD by 2025 which is three years earlier than schedule. The 2022GMV rose by about 20% from 161 billion USD in 2021. “After years of acceleration,digital adoption growth is normalising,” said the report. Southeast Asiacontinues to see growth in the number of internet users, with 20 million new usersadded in 2022, raising the total number of users to 460 million. However,that growth is starting to slow, and was just 4% in 2022 compared to a yearago. That’s compared to a 10% year-on-year increase in 2021 and 11% growth in2020, at the height of the coronavirus pandemic. SoutheastAsia’s online economy is still on track to reach 1 trillion USD by 2030 as online shopping becomes the norm,according to the report. “E-commerce continues toaccelerate, food delivery and online media are returning to pre-pandemic growthlevels, while travel and transport recovery to pre-COVID levels will taketime,” the report said. Another growth driver,digital financial services, which includes payments, remittances, lending,investments and insurance, have seen healthy growth from 2021 to 2022, thanksto offline-to-online behavior shifts post-pandemic, wrote the report. Among these services, insurancerecorded the highest, growing 31% year-on-year while lending grew 25%year-on-year. All the six countries are set to postdouble-digit growth in GMV from 2022 to 2025. Overall, their Internet economy is predicted to reach 330billion USD by 2025 if companies put a greater focus on profitability for thenext three years./.
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Illustrative image (Photo: weforum.org) 
