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Digital Economy and AI in Vietnam 2025:

 Digital Economy and AI in Vietnam 2025: Genuine Potential or Investment Bubble?

Author: Le Hai

Date Completed: 18/12/2025

Type: Academic-Critical Analysis – Economics & Technology

1. Context: Vietnam’s Digital Economy

According to the e-Conomy SEA 2025 Report by Google – Temasek – Bain & Company, Vietnam’s digital economy is projected to reach approximately USD 39 billion in 2025, ranking among the fastest-growing in Southeast Asia (en.vneconomy.vn).

Details:

E-commerce accounts for roughly two-thirds of digital economy value (~USD 25 billion).

Other digital services (travel, online media, logistics, digital payments) are growing in double digits.

Vietnamese users rank top in the region in terms of digital engagement and willingness to share data (vietnam.vn).

Analytical Note: These figures reflect total digital transaction value (GMV), not GDP or corporate profits.

2. AI Startups and Technology Investment

Vietnam currently hosts over 4,000 technology startups, attracting around USD 400 million in venture capital in 2024 (en.diendandoanhnghiep.vn).

Within this, AI-focused startups attracted approximately USD 80 million, representing an ~8-fold increase from the previous year.

Specific Examples:

Sky Mavis (AI/Blockchain): develops AI-integrated solutions for gaming and NFTs, attracting international investment.

Trusting Social (AI fintech): provides AI-based credit scoring solutions, successfully implemented in Vietnam and Southeast Asia.

Practical Assessment:

The strong increase in AI investment is positive.

However, many startups are still in development stages and have not yet generated significant revenue, requiring careful monitoring of their ability to convert potential into real profits.

3. Stock Market and Corporate Capacity

Vietnam’s upgrading to Emerging Market status attracts foreign capital (reuters.com).

Listed companies show steady revenue and profit growth, with medium-term projections of 20–25% increase (tapchikinhtetaichinh.vn).

Examples of Successful Listed Companies:

VNG Corporation: successful digital transformation, providing entertainment platforms and AI solutions, with continuous revenue growth.

FPT Corporation: implements AI and digital transformation for domestic and international corporate clients, maintaining stable profits.

Transparency Data: Only about 9.4% of listed companies publish complete financial statements, reflecting limited transparency (laodong.vn).

Assessment: While the stock market is growing rapidly, many companies lack sufficient real capacity to deploy AI or large-scale digital transformation effectively.

4. Synthesis: Potential vs. Risk

Factor

Data

Realistic Assessment

Digital Economy

~USD 39 billion GMV

Fast-growing, but reflects transaction value, not corporate profit

Technology Startups

>4,000

Vibrant ecosystem; some AI startups have deployed products successfully, yet many have not generated significant enterprise value

AI Investment

~USD 80 million

Strong growth, but small scale; risk if startups fail to commercialize products

Market Transparency

~9.4% publish financial statements

Limited transparency; many companies lack real operational capacity

Stock Market

Emerging Market status imminent

Signals international confidence, but does not guarantee AI or digital transformation capabilities across all companies

5. Conclusion

Genuine Positive Signals:

Rapid growth of digital economy and AI investment.

Stock market upgrade to Emerging Market status.

Several startups and listed companies successfully implementing AI and digital transformation.

Warning Signs:

Many listed companies are not transparent; profits may be unstable.

AI venture capital and startup scale remain small relative to global potential, posing a risk of an investment bubble if evaluation relies solely on numbers or funding volume.

Key Insight:

Effective assessment must consider execution efficiency, product viability, human capital, and data quality, avoiding unrealistic expectations and ensuring sustainable growth.

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