How prepared is Vietnam for digital economy development, and what progress has been made so far?

Le Trung Hieu

In 2020, the Prime Minister approved a national digital transformation scheme under Decision No.749/QD-TTg. Its objectives are to develop digital government, the digital economy, and digital society, while fostering Vietnamese digital technology enterprises capable of competing and expanding into global markets.

The initiative prioritises the development of digital technology enterprises, shifting the IT sector away from assembly and outsourcing towards mastery of digital products and Industry 4.0 technologies. It also promotes digital content, creative industries, the sharing economy, e-commerce and smart manufacturing, while accelerating digital transformation within enterprises to strengthen competitiveness at both firm and economy-wide levels.

Given the increasingly important role of the digital economy in the local economy, the 2021 revised Law on Statistics introduced the indicator “share of digital economy value added in GDP” into the National Statistical Indicator System.

The content and publication cycle of this indicator are specified in Decree No.94/2022/ND-CP. Since 2023, the General Statistics Office, now the National Statistics Office, has compiled and published this indicator in accordance with regulations and will continue to do so in the forthcoming period.

What results have been achieved in the five years since implementing Decision No.749?

Compilation results for 2025 show that the digital economy continues to affirm its role as one of the key growth drivers of Vietnam’s economy, closely linked to the national digital transformation process.

The share of digital economy added value in GDP in 2025 is estimated at 14.02 per cent, equivalent to more than $72 billion, up 1.64 times compared to 2020.

The digital economy has expanded in both breadth and depth. Core digital economy sectors account for over 60 per cent of total digital economy value, while the level of digitalisation across industries and sectors has continued to expand, particularly in trade, finance, public administrative services and energy infrastructure.

On average during the 2021-2025 period, the share of digital economy added value in GDP reached approximately 13.2 per cent, with core digital economy sectors contributing 8.13 per cent and the digitalisation of other sectors contributing 5.05 per cent.

These results reflect the initial effectiveness of the National Digital Transformation Strategy, the leading role of digital government, as well as the concerted efforts of all levels, sectors, the business community and citizens in developing the digital economy and digital society.

The core digital economy is seen as the backbone of the wider digital economy. How is this sector developing in Vietnam?

The core digital economy includes sectors such as the manufacturing of electronic products, computers and optical products; software publishing; telecommunications; computer programming; IT consultancy and related activities; data processing, hosting and portal activities.

According to statistics, in 2025, core digital economy sectors contributed approximately 8.4 per cent of GDP, equivalent to $43.3 billion, accounting for more than 60 per cent of total digital economy value.

Digitalised sectors – those using core digital economy products as production and business inputs – accounted for around 5.6 per cent of GDP, equivalent to $28.8 billion.

Some digitalised sectors with high digital economy added value include wholesale and retail trade applying digital technologies (e-commerce), accounting for about 12 per cent of total digital economy added value.

Service sectors applying IT in production, business and management have shown rapid growth, contributing to an increase in the share of digital economy from the services sector in the GDP from 6.5 per cent in 2020 to a little over 7 per cent in 2025.

This demonstrates the clear efforts of the government, ministries, sectors and localities in encouraging IT development and accelerating the digitalisation of economic sectors.

At the local level, how is the digital economy shaping regional growth dynamics in Vietnam?

In 2025, the digital economy became a significant factor, creating marked differences in growth among localities.

Among 34 provinces and centrally governed cities, four recorded a digital economy value-added share in regional GDP exceeding 20 per cent, including Bac Ninh at around 46 per cent, Thai Nguyen at almost 30 per cent, Haiphong at over 22 per cent and Phu Tho at close to 23 per cent.

The country’s two economic growth poles, Hanoi and Ho Chi Minh City, also reported digital economy shares of over 17 per cent and 13 per cent of GDP, respectively.

Localities with a high digital economy share are typically major destinations for foreign direct investment in high-tech industrial manufacturing, resulting in a large proportion of core digital economy sectors in regional GDP.

The disparity in the digital economy’s contribution to regional GDP reflects differences in industrial development levels, digital infrastructure, investment attraction capacity, and the extent of digital technology application in socioeconomic development across localities.

Resolution No.57-NQ/TW targets the digital economy contributing at least 30 per cent of GDP by 2030. In your view, is this target achievable?

During the 2021-2025 period, the digital economy emerged as a key pillar of the National Digital Transformation Strategy. E-commerce, digital payments, online services, smart logistics and data-driven business models all recorded strong growth.

In particular, the development of digital government – through electronic identification, national population databases and online public services – has created an important foundation for reducing transaction costs, enhancing transparency and strengthening digital trust.

These factors have directly contributed to the expansion of the digital economy’s scale, demonstrating the mutually reinforcing relationship between digital transformation and economic growth.

The digital economy serves as a central driving force for rapid and sustainable growth by improving labour productivity, renewing growth models, expanding market space, and enhancing service quality and living standards for the population.

The results achieved in 2025 demonstrate the strong commitment and high determination of the government, ministries, sectors, localities, the business community and citizens in developing the digital economy and digital society, in line with the spirit of Resolution 57.

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Through its “Tet is Full, Tet is Love” campaign, Carlsberg Vietnam and its local brand Huda have delivered 7,500 Tet care packages containing essential goods to underprivileged families across seven provinces and cities in the central region, continuing a long-standing effort to support communities during the most important holiday of the year.

Andrew Khan, managing director of Carlsberg Vietnam, speaks at the Tet gift-giving ceremony

For Carlsberg Vietnam, growth in Central Vietnam has never been viewed purely through a business lens. Over the past three decades, the company has pursued sustainable development with a consistent focus on community connection, seeking to contribute not only through high-quality products and world-class operations, but also through tangible initiatives that support people’s wellbeing and quality of life.

Huda, born and raised in the Central region, embodies that commitment. Closely tied to local identity and culture, the brand has remained dedicated to standing with Central communities, especially during meaningful moments such as Lunar New Year, when the idea of togetherness holds its deepest value.

A Carlsberg Vietnam representative hands over Tet care packages and engages with local residents during the community programme in Central Vietnam

In 2026, “Tet is Full, Tet is Love” marks its 11^th consecutive year, an enduring journey to support the communities. Over time, the initiative has become a cherished Lunar New Year tradition, rooted in Carlsberg Vietnam’s long-standing connection with Central Vietnam, where Huda has been part of local life for generations.

This year, the programme carries an especially meaningful theme, “Mien Trung vung vang, Tet tran hanh phuc”, which means, ‘A resilient Central Vietnam, a Tet filled with happiness’. The theme reflects the region’s resilience, and Carlsberg Vietnam’s commitment to staying close to Central communities, in both good times and challenging ones.

2025 was a difficult year for the area, as historic floods and severe storms caused widespread disruption. In response, Carlsberg Vietnam contributed VND1.5 billion ($57,240) to support relief and recovery efforts in Hue and Danang – two of the hardest-hit localities, helping provide urgent assistance for affected households, facilitate home repairs, and aid livelihood restoration.

Carrying that commitment into the year-end season, throughout January 2026, over 7,500 Tet care packages have been distributed across Thanh Hoa, Nghe An, Ha Tinh, Quang Tri (including areas formerly part of Quang Binh), Hue, Danang (including areas formerly part of Quang Nam), and Quang Ngai. The programme is implemented in close collaboration with the Vietnam Fatherland Front Committees in each locality, ensuring the gifts reach the right recipients and the families most in need.

Carlsberg Vietnam representatives, with residents at the Tet gift-giving ceremony, as part of the company’s annual community support initiative in Central Vietnam

Each care package is more than practical support; it is also a message of encouragement, reinforcing the belief that progress is strongest when communities move forward together. Through this initiative, Carlsberg Vietnam continues to underline that sustainable growth must go together with social responsibility, and that long-term trust is built through actions delivered consistently, year after year.

“Tet is one of the most meaningful moments of the year for Vietnamese families. It is a time of togetherness, gratitude, and new beginnings,” said Andrew Khan, managing director of Carlsberg Vietnam. “And while it is a time of celebration, it is also a time of compassion – a reminder that a meaningful Lunar New Year is one that everyone should be able to experience, especially those who may still be facing hardship.”

“Our commitment to Central Vietnam is not just about business development, it is also about creating positive impact so that lives can become more complete, more secure, and more meaningful,” he added. “Through our campaign, we hope to welcome a brighter new year together with local communities, while continuing to contribute to the region’s sustainable development – for a better today, and a brighter tomorrow.”

Carlsberg Vietnam continues its long-term journey of community engagement in Central Vietnam

“Tet is Full, Tet is Love” is one of Carlsberg Vietnam’s signature community initiatives in Central Vietnam. Over the past 10 years, the programme has supported more than 75,000 households, helping thousands of families welcome the New Year with greater reassurance and dignity.

The company has also invested in long-term solutions that improve everyday quality of life, including the “Fresh Water for Beloved Central” programme. Now in its seventh year, the initiative has delivered more than 3.3 million cubic metres of clean water to nearly 9,500 households, improving access to clean water for approximately 40,000 people across Central Vietnam.

“Tet is Full, Tet is Love” is one of Carlsberg Vietnam’s long-standing community initiatives, reflecting the company’s belief that sustainable progress is built through consistent action and shared responsibility

“Tet is Full, Tet is Love” reflects Carlsberg Vietnam’s deep-rooted bond with Central Vietnam, shaped through long-term partnership, sustained community support, and a belief that progress only matters when it is shared. As the New Year approaches, the message of “Mien Trung vung vang, Tet tran hanh phuc” affirms the hope that, after a challenging year, more families can welcome the Year of the Fire Horse with renewed strength, comfort, and optimism.

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How do you assess the Ministry of Finance’s performance in implementing financial and state budget tasks, as well as its progress in improving mechanisms, policies, and legal frameworks across the financial, investment, and state treasury sectors in recent years?

Over the past five years, the financial and budget duties have been carried out amid unfathomable developments domestically and internationally, which have posed numerous challenges.

However, thanks to great efforts by the entire political system under the sound leadership of the Party, National Assembly, and government; by concerted actions from ministries, agencies, sectors, and localities; along with proactive, flexible, and timely direction of the financial sector, the task of financial and budget management has been effectively carried out with several noteworthy outcomes, with the accomplishment of all key targets for the 2021-2025 period.

Financial and budget sources have been mobilised, managed, and used in a more increasingly effective manner, making an important contribution to the implementation of national socioeconomic goals.

Firstly, the financial sector has provided timely consultancy and deployed plans, mechanisms, policies, and solutions for socioeconomic development; boosting economic growth in association with macroeconomic stability. The state budget overspending in the 2021 – 2025 period occupied about 3.1 – 3.2 per cent of GDP; public debt is estimated at 35 – 36 per cent of GDP – meaning they were effectively controlled, contributing to strengthening the national credibility ranking.

Secondly, the national law system on finance and state coffers have improved in a concentrated manner. In the 2021 – 2025 period, the MoF enacted 32 laws and resolutions of the National Assembly and the National Assembly Standing Committee, and 168 decrees. It also enacted within its jurisdiction 436 circulars, focusing on removing obstructions, and boosting decentralisation and empowerment, cutting and reducing administrative procedures, meeting new development requirements in the new period.

Thirdly, management of state budget revenues has been strengthened, with revenue structure focused in a more sustainable manner. The ratio of state budget mobilisation averaged over the past five year has hit 18.3 per cent of GDP. At the same time, exemption, reduction, and extension of assorted taxes and fees were worth about VND1.1 quadrillion ($44 billion) used for supporting individuals and enterprises during the pandemic, and for them to recover and promote production and business activities post-pandemic.

Fourthly, the financial sector has also increased revenues and save expenditures valued at about VND1.5 quadrillion ($60 billion) which have been earmarked for development investment, national defence and security, science and technology, salary reform, social security, removal of dilapidated houses, and construction of schools in border areas.

Fifthly, the country’s development investment has increased by 32 per cent of all state budget spending. It has used with focuses, ensuring sufficient funding for strategic infrastructure projects with high spillover effects.

Sixthly, the country’s investment and business climate has continued to be ameliorated, with all economic sectors encouraged for development. At present, more than one million enterprises are operating in Vietnam, up 46 per cent over 2020. Total development investment in the 2021–2025 period accounted for 32.2 per cent of GDP – in which the private sector and state-owned enterprises held more than 65 per cent.

Seventhly, Vietnam has continued to stand out as a bright spot in attracting foreign direct investment (FDI), ranking among the world’s group of 15 largest developing countries with wooed FDI. Foreign capital accounts for approximately 16 per cent of total development investment.

Eighthly, capital markets in Vietnam have developed in a safer, more sustainable and more integrated direction, gradually becoming an important channel for capital mobilisation for the economy. By the end of 2025, the bond market is estimated to have reached a size of around VND3.93 quadrillion ($157.2 billion), tantamount to 30.7 per cent of GDP. Stock market capitalisation is projected to have hit nearly VND10 quadrillion ($400 billion), or 77.9 per cent of GDP. In 2025, Vietnam’s stock market fully met the required criteria and was upgraded from a frontier market status to an emerging market status.

Finally, the MoF has actively promoted regional economic development, sectoral development, and new economic sectors and models. It has also participated in the establishment of international financial centres and free trade zones. Moreover, it has also effectively coordinated with relevant agencies in ensuring social security, ensuring that economic growth goes well hand in hand with social progress and equity.

What key tasks and solutions will the financial sector prioritise to maintain macroeconomic stability and promote rapid, sustainable growth in the period ahead?

In the coming time, the MoF will centre on the synchronous implementation of key tasks and solutions.

First and foremost is deploying a reasonably expansionary proactive fiscal policy, focused, and targeted. It is also to strengthen the leading role of the central budget, while also encouraging proactivity and creativity from ministries, sectors, and localities.

Fiscal policy will be closely coordinated with monetary policy to maintain macroeconomic stability, contribute to achieving double-digit growth, and transforming the national development model.

In addition, a focus will also be placed on enhancing the effectiveness and efficiency of state budget revenue and expenditure management; ensuring correct, sufficient, and timely collection, linked with nurturing and developing sustainable revenue sources.

We will strive to maintain the average state budget mobilisation rate in the 2026-2030 period at about 18 per cent of GDP, and increase development investment expenditure to around 40 per cent of total state budget expenditure. Furthermore, we will also strictly control the budget deficit and public debt in line with the economy’s borrowing and repayment capacity, thereby contributing to improvements in the national credit rating.

Simultaneously, we will also continue institutional and law system improvement in finance and state budget. We will also utilise digital transformation and administrative procedure reform, enhancing capacity and effectiveness in management and supervision.

What solutions are being prioritised to develop different economic sectors, as well as the capital and stock markets?

The MoF will concentrate on bettering the effectiveness of the state-owned economic sector, enabling it to truly play a leading and pioneering role in key, essential, and strategic sectors.

What is more, the private sector will also be further developed in line with the spirit of the Politburo’s Resolution No.68-NQ/TW issued last May on private sector development. Efforts are to be made to have around two million operational enterprises by 2030, with technological capability, innovation and digital transformation ranking among the leading groups in ASEAN and Asia.

The MoF will also develop capital markets and the stock market into important channels for medium- and long-term capital mobilisation, with opportunities tapped into effectively from the stock market upgrade. We will also complete the legal framework for new trends such as digital assets, green transition, and digital transformation.

In addition, we will also centre on selectively luring in FDI, with priority placed on large-scale, high-technology and environmentally friendly projects. It is also necessary to strengthen linkages between domestic enterprises and foreign-invested enterprises, so that Vietnamese businesses can deeper participate in global value chains and supply chains.

To achieve the highest possible outcomes in celebration of the 14th National Party Congress, the Ministry of Finance has launched an emulation drive to accelerate and make breakthroughs in successfully fulfilling the goals and tasks set out in the Resolution of the 13th National Party Congress within the financial sector. This initiative is being carried out widely, synchronously, and consistently throughout the whole financial sector, closely linked with emulation movements aimed to excellently accomplishing assigned political tasks. The initiative features diverse content and forms closely associated with the implementation of central resolutions on administrative reform and the MoF’s schemes on administrative reform. Important attention would be paid to human resource development and the promotion of digital transformation in the financial field.

The MoU was signed by Kim Nyoun Ho, chairman of KoCham, and Le Nu Thuy Duong, vice chairwoman and general director of KN Holdings.

Under the agreement, the two sides aim to strengthen information exchange, support investment connectivity, and facilitate Korean enterprises in exploring investment and production opportunities in industrial parks (IPs) developed by KN Holdings in Vietnam.

Leaders of KN Holdings highly appreciated the role of KoCham in connecting and supporting the Korean business community in Vietnam. The cooperation is expected to create effective channels for investors to access a modern and environmentally friendly IP ecosystem in line with sustainable development trends.

The cooperation focuses on the KN Industrial City parks invested in and developed by KN Holdings in Dong Nai province. This is a new-generation IP model oriented towards ecological standards set by the United Nations Industrial Development Organization.

The IPs feature integrated infrastructure, the use of clean energy, and a wide range of amenities supporting both enterprises and workers, including worker housing, training centres, and human resource development facilities.

Notably, KN Industrial City is among the few models in Vietnam targeting net-zero emissions by 2050. This orientation aligns with Vietnam’s commitments as well as the national strategy on green growth and sustainable development.

According to the MoU, KN Holdings and KoCham agreed to focus cooperation on three key areas. The first is supporting Korean enterprises in stabilising their production activities and gradually expanding investment in Vietnam. The second is promoting supply chain linkages, partnerships, and the development of an industrial ecosystem within the KN Industrial City parks. The third is serving as a bridge between businesses and government agencies to help build a transparent, stable, and favourable investment environment.

Representatives of KoCham highly valued KN Holdings’ systematic development strategy, particularly its balanced approach between economic efficiency, environmental protection, and community benefits.

KoCham also asserted its commitment to actively supporting its members, especially Korean enterprises in southern Vietnam, in exploring and connecting with investment opportunities within the IP ecosystem developed by KN Holdings.

In addition to economic cooperation, both sides expressed their intention to jointly implement social responsibility activities in Dong Nai province. Proposed programmes include charitable initiatives, scholarships for disadvantaged students, and support for local communities.

The signing of the MoU between KoCham and KN Holdings is expected to lay an important foundation for substantive investment cooperation in the coming period.

The event also underscores KN Holdings’ commitment to supporting foreign investors and contributing to the deeper, more effective, and more sustainable development of Vietnam-Korea economic relations.

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