Vietnam’s digital economic growth was the fastest growing in the region in 2022, according to the ‘Sustainable development of e-commerce – the driving force for digital economy’ 2023 report issued this week.

The report compiled by Google, Temasek and Bain & Company revealed the gross merchandise value (GMV) of Vietnam’s digital economy is forecast to hit $49 billion by 2025.

E-commerce is predicted to surpass 60% of the value of Vietnam’s digital economy. Of the $23 billion the country’s digital economy gained last year, $14 billion stemmed from e-commerce, Vietnam Net reports.

According to deputy chair of the Vietnam Confederation of Commerce and Industry (VCCI), Nguyen Quang Vinh, it’s essential to analyse the e-commerce sector’s development and boost sustainable growth in relation to Vietnam’s economic conditions. This would then allow for making contributions to the country’s digital transformation in accordance with the government’s policy.

In relation to sustainable development, Pham Cong Hiep from RMIT Vietnam University says it is crucial to help organisations determine their vision and strategic development within the digital era. Moreover, sustainable development will also require businesses to continue to hike the value of products and services through e-commerce via tech application.

The report also highlighted that an efficient logistics system will help e-commerce firms with end-to-end connection within the supply chain system and bolster the e-commerce shopping experience for customers.

Furthermore, deputy CEO of Lazada Vietnam, Dang Anh Dung said sustainable development will systematically change the e-commerce sector in the near future.

Whereas in terms of e-commerce trends, president of MVV Group, Nguyen Thanh Son said sustainable e-commerce will continue to work towards long-term investments in the fields of technology, infrastructure, logistics and human resources.