In the past couple of years, Southeast Asia saw accelerated growth and changes in the technology landscape due to the COVID pandemic - businesses experienced a boom in e-commerce, digital behaviors are normalized among consumers, and B2C engagement had adapted to the digital space. Now that it’s a norm for consumers to shop omnichannel and across multiple digital platforms, the next challenge for brands is to enhance consumers’ shopping experience and strengthen engagement in the future of integrated commerce.
With the economic growth worldwide projected to decline in 2023, businesses are bracing for an unprecedented year ahead: managing operational costs, providing more value to increase consumers’ willingness to spend, and re-evaluating goals and roadmaps.
Despite the gloomy outlook, long-term prospects in Southeast Asia remain relatively positive as consumption is expected to continue growing with the rising audience. Particularly for Vietnam, its growth continues to surpass estimates and is now the fastest-growing digital economy in the South East Asia region. The growth is led by a booming e-commerce sector, which hit US$12.8 billion in revenue this year, and is expected to double to US$25 billion in 2026. In addition, the Vietnamese government’s supportive policies and regulations for the tech industry can also act as a catalyst to the growth and development of Vietnam’s technology landscape - developing its technological infrastructure by investing in new fiber optic cables and offering a tax incentive of 10% tax rate for 15 years to attract foreign investors.