A latest report by Bain and Temasek found that Vietnam is now the fastest-growing digital economy in Southeast Asia, with a Gross Merchandise Volume (GMV) growth of 28% year-on-year (YoY).
According to the report, Vietnam will hit US$200 billion GMV by 2022. This latest figure comes three years earlier than previously predicted in 2016.
The rise of new forms of commerce across Vietnam caused the rapid growth of the country’s digital economy, while logistical infrastructure to facilitate e-commerce transactions and a high-quality local tech workforce has driven innovation in the country, the report said.
Vietnam is also quickly becoming an up-and-coming country for investors, with the number of businesses that are now operating online significantly increased since last year.
The report highlights how SMEs in Vietnam can benefit from digital front-end solutions, as well back end support provided by their government to help them grow without any major issues.