Vietnam fastest growing digital economy in Southeast Asia
Vietnam is the fastest expanding digital economy in Southeast Asia, crossing Indonesia, Malaysia, the Philippines, Singapore, and Thailand, says a report by Google, Temasek and Bain & Company.

The e-Conomy SEA 2022 report by Google, Temasek and Bain & Company, October 27, 2022.
The Vietnamese digital economy’s gross merchandise value (GMV) is projected to grow 28% year-on-year to $23 billion this year, up from $18 billion in 2021, bolstered by a 26% year-on-year growth in e-commerce, the report released Thursday notes.
“Vietnam tops the chart as the fastest growing digital economy and the fastest growing e-commerce sector in Southeast Asia,” said Stephanie Davis, vice president of Google Southeast Asia.
Despite the current economic headwinds, the country’s GMV is on course to reach approximately $50 billion in 2025, according to the analysis.
“Fundamentals for Vietnam’s digital future remain solid, thanks to its high quality homegrown tech workforce and growing adoption of digital services across both urban and suburban areas. The growing awareness around environmental, social and governance considerations will help Vietnam and Southeast Asia build a sustainable growth plan for the digital decade,” Davis added.

High-rise buildings in Hanoi. Photo courtesy of the government's portal.
According to the report, post-pandemic Vietnam is among the countries that are on the fast track to resume its “back to normal” activities. However, some consumer habits and trends that were built and accelerated during the pandemic have remained and continued to grow.
E-commerce is the key driver for the growth of Vietnam's digital economy, and 90% of digital consumers intend to maintain or even further their usage of e-commerce platforms in the next 12 months. Majority of consumers who plan to maintain the same usage across food delivery (up to 60%) and groceries (54%).
Urban digital users are the heaviest adopters of digital services in Vietnam, with e-commerce, food and groceries having the highest adoption rates, up to 96%, 85%, and 85%, respectively.
On the contrary, Vietnamese consume online media content less frequently than what the regional average is, the study showed. Video, music and gaming consumption are all 10-12% below the average consumption. Just 23% of the surveyed people said they watched video on demand at least once a week, followed by 19% for gaming and on demand and 16% for music.
This also shows that Vietnam still has great potential for substantial growth in the long run, the study notes.
Digital financial services continue to flourish in Vietnam. “Digital lending grew the fastest at 114% combined annual growth rate, and investment is projected to take the biggest leap by 2025 with projected 106% CAGR (compounded annual growth rate).”
Moreover, Vietnam tops among the venture capital long-term growth markets, with 83% of VC firms expecting deal activities in the nation to grow in the long term. This ratio is the region’s highest.
“Vietnam’s digital economy will be a hot spot for growth because of its growing population and highly skilled local tech workforce,” said Fock Wai Hoong, deputy head, Technology & Consumer and Southeast Asia, Temasek.
Willy Chang, associate partner at Bain & Company, said: “Vietnam’s digital economy recovered strongly after a delayed impact from Covid in 2021. We expect continued strong growth momentum over the next decade given its high-quality homegrown tech talent pool, significant efforts by the government to accelerate digital transformation across sectors, and investor focus in the country.”
The “e-Conomy SEA 2022” report deep dives into trends and insights of the five mainstay digital sectors, namely e-commerce, online media, transport and food, online media and digital financial services. It covers the state and outlook of Southeast Asia’s technology funding landscape.
In an inaugural section on environmental, social, and governance (ESG) considerations, the report discusses the environmental and social impact of the digital economy and highlights the role of consumers, business, investors and governments in improving environmental and social sustainability.
The Google, Temasek and Bain & Company study says tech funding maintains strong momentum despite investors’ prudent disposition. With a 15% growth in deal value from H1/2021 to H1/2022, technology funding remains robust and Southeast Asia continues to be a hotbed for tech investments, despite investors becoming more cautious in the current macroeconomic environment.
Singapore and Indonesia remain primary investment destinations in 2022, while Vietnam and the Philippines are seeing growing investors’ interest over the longer term.
Google is a global tech giant, Temasek is Singapore’s state investor, and Bain & Company is a global consultancy.
- Read More
Petrovietnam affirms plan to build eco-energy and industrial center in southern Vietnam
Petrovietnam plans to develop an eco-energy and industrial center project in Can Tho city, the "heart" of the Mekong Delta, its representatives stated on Monday.
Energy - Wed, September 17, 2025 | 11:49 am GMT+7
Thailand - one of Southeast Asia’s fastest-growing markets for AI
Thailand has emerged as one of Southeast Asia’s fastest-growing markets for artificial intelligence (AI), with OpenAI reporting that weekly active users of ChatGPT in the country have quadrupled over the past year.
Southeast Asia - Wed, September 17, 2025 | 10:40 am GMT+7
MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam
Vietnam should establish a single regulatory focal point and adopt a more flexible sandbox regime to accelerate fintech innovation, said Nguyen Ba Diep, co-founder of e-wallet giant MoMo.
Finance - Wed, September 17, 2025 | 8:00 am GMT+7
Indonesia to end incentives for imported CBU BEVs in 2026
The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.
Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7
Aquatic sector advised to navigate challenges, secure exports to EU, US
Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.
Companies - Tue, September 16, 2025 | 9:41 pm GMT+7
Vietnam pledges favorable conditions for UK businesses
Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.
Companies - Tue, September 16, 2025 | 9:29 pm GMT+7
Lotte Shopping plans to open more shopping malls in Vietnam
South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.
Companies - Tue, September 16, 2025 | 9:25 pm GMT+7
Vietnam ratifies WTO Agreement on Fisheries Subsidies
Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.
Companies - Tue, September 16, 2025 | 9:21 pm GMT+7
What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?
NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.
Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7
Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026
Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.
Industries - Tue, September 16, 2025 | 3:54 pm GMT+7
Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex
A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.
Industries - Tue, September 16, 2025 | 2:44 pm GMT+7
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7