The latest industry report points out that Southeast Asia’s Internet economy is expected to grow by 11% year-on-year in 2023. Last year’s 20% was already in trouble. The annual report is published by Alphabet in partnership with Google, Singaporean state investor Temasek Consulting Holdings and global business firm Bain & Company. The region’s internet economy is expected to be worth $295 billion by 2025, but that’s lower than previous estimates.
This region consists of 11 countries and is home to more than 500 million people. Its large population, widespread smartphone penetration, and growing middle class have made it one of the fastest-growing Internet markets in the world.
The report highlights that Vietnam’s digital economy is expected to grow by 20% annually between 2023 and 2025, and is expected to reach approximately US$45 billion by 2025, becoming the fastest growing country in Southeast Asia together with the Philippines.
Digital payments in Vietnam have been growing, driven by government support, investment from commercial banks and the popularity of QR codes.
The report also mentioned countries such as Thailand, Singapore, Malaysia and epidemic prevention, pointing out that private capital investment in the digital economy has dropped from the historical high in 2021 to the level of 2017.
(Source: Inquirer Image source: freepik)
