Is Vietnam on its way to becoming the next regional digital key player? Many believe it is, and that COVID-19 only accelerated the country’s digital ambitions.
What is leading experts to believe in Vietnam’s ability to shine is its latest foreign investment boom, driven by a stable macro environment. In addition, the country has been one of the top 5 fastest growing economies in the world in the last 30 years with an average growth rate of 7% YoY between 2009-2019.
What is encouraging investors and driving all that growth is the digital economy’s integral role in the country’s growth, along with the government’s efforts to promote digital transformations, a tech-savvy population, and extremely high social media use, leading to a surge in Vietnam’s e-commerce and the integration of cashless payment methods, creating a scalable economy that is shifting away from traditional industries.
In addition, the digital transformation was boosted by the pandemic and recent lockdowns, leading to greater adoption of online shopping across the country. Paired with a strong macro tailwind such as a growing middle-class and a robust tech talent pool, Vietnam may very well be on its way to digital greatness.