According to a new report from Alphabet, the parent company of Google, the digital economy of Vietnam is projected to grow at a rate of 20% per year from 2023 to 2025, reaching a total value of USD 45 billion. This growth is expected to be driven by the country's strong economic growth.
The report, which was jointly conducted by Alphabet, Singapore state investor, Temasek Holdings, and business consultants, Bain & Company, highlights the government's strong support for digital payments in Vietnam. Commercial banks are investing in this sector, and the use of QR codes as a payment method has become widely popular.
Furthermore, the report predicts that digital payments will continue to expand in Vietnam, particularly in rural areas, as the central bank actively promotes cashless payment services.