Deputy Minister of Industry and Trade Trương Thanh Hoài delivers a speech at the forum.— VNA/VNS Photo

HÀ NỘI — Việt Nam's internet economy is estimated to reach US36 billion this year, an increase of 16 per cent from the previous year, participants at a forum organised by the Department of E-commerce and Digital Economy, the Ministry of Industry and Trade, were told.

The forum, themed 'Promoting Digital Transformation and Green Transition Towards Sustainable Development', attracted the participation of over 500 businesses across  different economic sectors.

In his opening remarks at the forum, Deputy Minister of Industry and Trade Trương Thanh Hoài said the global economy is currently entering a recovery phase, with several international organisations expressing optimism regarding global economic growth for 2024, forecasting a global GDP growth rate of approximately 3.2 per cent. Similarly, Việt Nam's economy is expected to grow in 2024 by 0.9 to 1.1 percentage points higher than in 2023.

"Việt Nam's e-commerce and digital economy market will expand even further as a major driver of economic growth," he said.

A report on the Southeast Asia digital economy 2024 by Google and Temasek, published earlier this month, estimated Việt Nam's internet economy growth to reach $36 billion this year.

The report said retail e-commerce remains a cornerstone, contributing $22 billion, an increase of 18 per cent year-on-year, or 61 per cent of the entire internet economy. Data also supports that the country's high growth rate is expected to remain stable, driven by robust manufacturing, processing and export sectors. By the year 2023, Việt Nam's internet economy size is projected to reach the $90-200 billion range.

The forum has served as a platform for agencies from the Ministry of Industry and Trade and the Ministry of Information and Communications to share strategies and plans to foster e-commerce development and encourage manufacturing businesses to embrace the country's digital transformation.

Participants from the Hanoi Department of Industry and Trade, Vietnam Electricity Group, Grab Vietnam and FPT Digital shared successful digital transformation experiences and made recommendations aimed at helping state management agencies enhance the efficiency of digital efforts.

Two specialised workshops were held - 'Digital Transformation and Green Transition in Manufacturing and Energy' and 'Trends in E-commerce Development' - as well as exhibitions of technologies, digital transformation solutions, smart manufacturing innovations, and e-commerce applications. —VNS