Vietnam, Indonesia lead ASEAN in internet economy growth (Vietnam Plus)

Vietnam and Indonesia lead Southeast Asia with internet economy growth rates of more than 40 percent, according to a recent report
Photo: VNA/Vietnam Plus

The Southeast Asian internet economy has expanded by 39 percent this year to hit 100 billion USD for the first time, according to a recent report by Google, Temasek and new partner Bain & Company.

Vietnam and Indonesia lead with growth rates of more than 40 percent, while Singapore, Malaysia, Thailand, and the Philippines registered 20-30 percent growth.

The e-Conomy Southeast Asia report for 2019 highlights the most significant industry trends observed in 2019 and analyses the current and future potential of the Southeast Asian internet economy across its six largest markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam).

This surge across the region is attributed to an influx of around 100 million new online citizens in the last four years. 

This growing market of customers has incentivised businesses in the region, from established ‘unicorns’ like Gojek to smaller enterprises, to adopt and leverage digital tools to expand rapidly.    

Vietnam’s digital economy has topped 12 billion USD this year and is expected to surge to 43 billion USD by 2025, with e-commerce, online tourism, online communications and media, and ride-hailing being among the driving forces.

Vietnam has 61 million Internet users, and a Vietnamese spends an average of three hours and 12 minutes daily on the internet on mobile devices such as smartphones.

As a region, Southeast Asian users spend most of their time on social networks and OTT apps (52 percent), video apps (20 percent), games (11 percent), and other working utilities apps.

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Vietnam Plus

6 October 2019

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