A new report from Google parent company Alphabet stated the digital economy of Vietnam is expected to grow 20% per year between 2023 to 2025, reaching a total of US$45 billion.
Economic Times cited a joint report from Alphabet, Singapore state investor Temasek Holdings and business consultants Bain & Company. The report stated the growth will be fuelled by expectations of strong economic growth from the South East Asian nation.
The report stated digital payments in Vietnam are being strongly supported by the government, seeing investment from commercial banks, and use of QR codes as a payment method has gained widespread popularity.
Digital payments is expected to continue to grow in Vietnam as the central bank pushes to promote cashless payment services in rural locations.