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Vietnam forecast to achieve fastest digital economy growth in SE Asia

Vietnam's digital economy is forecasted to grow at the highest rate in Southeast Asia, reaching USD50bn by 2025, largely-driven by the e-commerce boom, according to a report from the HCM City People's Committee. Major retailers like Shopee, Lazada, and Co.opmart transitioning online have stimulated growth in logistics, delivery, tourism, finance, media, and entertainment sectors. The report also noted an increase in online payment methods, with 61% of online purchases being cashless in the previous year. However, challenges persist, including underdeveloped digital infrastructure, an outdated legal framework, and SMEs failing to seize digital opportunities. To address these issues, HCM City has developed a plan to promote digital, sharing, and circular economies, and support digital transformation in key sectors.

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