Vietnam internet economy key facts and trends (update Oct 2019)

In this post, I use data points from the Google, Temasek and Bain & Company 2019 e-Conomy report , eMarketer, PWC, and a few other sources.

First of all, the Google Temasek report only covers data for e-commerce, online media (gaming, online advertising, streaming services), online travel and ride-hailing. Google and Temasek said that due to the lack of reliable data, they couldn’t cover social commerce (which is huge in Vietnam), fintech, healthcare, or education.

1. Total Vietnam internet economy reaches about $12B in 2019, expected to grow by 3.5 times in 5 years

By 2025, the internet economy in Vietnam is forecasted to hit $43B, ranks third in Southeast Asia, behind Indonesia ($133B) and Thailand ($50B).

vietnam-internet-economy-2019-2025

2. Online travel contributed the most to Vietnam internet economy in 2018

2019 revenue for online travel, e-commerce, online media and ride hailing in vietnam

By 2025, e-commerce in Vietnam is expected to grow by more than 5 times, becoming the largest contributor to the internet economy.

Forecast revenue 2019 - 2025 in Vietnam for online media ecommerce online travel and ride hailing

If you want to read more about Vietnam e-commerce, check out this post “Vietnam e-commerce key facts and trends” from me.

3. VNG is the only Vietnamese unicorn amongst a total of 11 unicorns in Southeast Asia

Indonesia (6 unicorns): Bukalapak, GoJek, Tokopedia, Traveloka,

Regional (3 unicorns): Lazada, Grab, SEA

Singapore: Razer

south east asia unicorns 2019

4. Vietnam internet economy is powered by 56 millions internet users, 90% of whom use smartphones

Data points are from eMarketer, highlighted in my post here.

5. Mobile internet data in Vietnam is getting cheaper year on year

mobile-internet-data-affordability-in-vietnam-2018

6. Vietnamese startup attracted $350M funding in 2018

7. 61% of internet users in Vietnam use mobile payment in 2019

This is up from 37% in 2018. It shows enormous progress and investment from mobile payment solution providers in Vietnam. Data is from PWC Global Consumer Insights Survey 2019.

That’s all from me for today. Feel free to leave any comments/questions below.

Thanks,

Chandler

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