According to the 10th annual e-Conomy SEA 2025 report by Google, Temasek and Bain & Company released on November 25, Vietnam’s digital economy is projected to reach USD 39 billion in gross merchandise value (GMV) by the end of 2025, up 17% year-on-year. This growth places Vietnam second in Southeast Asia behind only Indonesia and among the region’s fastest-expanding digital markets.

The report highlights the rapid rise of Digital Financial Services (DFS) in Vietnam, with digital payment value expected to reach USD 178 billion in 2025, reflecting the country’s swift shift toward a cashless society.

Double-digit growth across key digital sectors

E-commerce remains the dominant pillar, accounting for two-thirds of Vietnam’s digital economy and forecast to exceed USD 25 billion in 2025 (up 17%). Vietnam’s large population, high internet penetration and increasingly digital shopping habits continue to make it one of Asia’s most attractive e-commerce markets.

Transport & Food Delivery is projected to grow 20% to USD 5 billion, boosted by the expansion of ride-hailing, food-delivery services and the Government’s electric-vehicle incentives reshaping mobility patterns.

Online Media, including digital advertising, gaming, video-on-demand and music streaming is expected to reach USD 6 billion, up over 16%. Gaming remains a standout sector, with three Vietnamese developers among the world’s top 15 by download volume.

Online Travel is projected to hit USD 4 billion (up 16%), driven by relaxed visa policies, increased international promotion and a strong return of tourists from Asia and Europe, alongside resilient domestic travel demand.

Vietnam leads Southeast Asia in AI adoption and digital finance potential

One of the most notable findings of the report is Vietnam’s exceptional engagement with artificial intelligence. Vietnam ranks first in Southeast Asia in three key metrics: 81% of users interact with AI daily, 83% actively learn or upskill with AI, 96% are willing to share data access with AI systems.

Google reports that AI-integrated product revenue in Vietnam surged 78% in one year through mid-2025. Vietnamese users turn to AI for time savings (44%), round-the-clock assistance (35%) and cost benefits (30%).

Vietnam currently has more than 40 AI startups and attracted USD 123 million in AI investment last year equivalent to 5% of the region’s total while 79% of investors expect continued capital inflow, especially in software, AI and deep-tech.

The report further highlights Vietnam’s strong DFS momentum. With 30 million active e-wallets, digital lending is the region’s second fastest-growing market, with a 22% CAGR (2024-2025). National digital ID rollout, cashless-payment incentives and QR interoperability with Thailand and Cambodia are helping Vietnam advance toward its target of 80% cashless e-commerce transactions by 2030.

Vietnam becomes the region’s second-largest video commerce market

Video commerce via livestreams, short-form video and interactive shopping has emerged as a major growth engine. Vietnam is now the second-largest and second-fastest-growing video-commerce market in Southeast Asia. Both transactions and sellers increased 60%, reaching 1.3 billion transactions and 650,000 sellers in the past year. This creates new opportunities for SMEs to expand sales without heavy investment in traditional retail infrastructure.

Strong investor confidence in Vietnam’s digital trajectory

Erik Pot, Partner at Bain & Company, emphasized: “Vietnam is emerging as one of Southeast Asia’s most dynamic markets. Its leadership in AI adoption and consumer trust demonstrates readiness for the next wave of technology. E-commerce, digital finance and video commerce are growing at exceptional speed, creating major opportunities, especially where businesses apply AI tailored to Vietnam’s economic landscape.”

With its digital economy set to hit USD 39 billion, rapid AI uptake and a young, tech-savvy population, Vietnam is accelerating its shift toward a technology-driven, data-centric and AI-powered economic model.