The rise of Vietnam’s App economy

However, there remains much to be done to take full advantage of trends in the evolving app economy to ensure it develops into a solid contribution to the country’s Gross Domestic Product (GDP), according to a recent report by the Progressive Policy Institute (PPI). The app economy has evolved far beyond the social media and games found in app marketplaces. Today, every industry benefits from enterprise or consumer-facing mobile software components. As such, the app economy is a firm impetus for industry 4.0. Chief economic strategist at the Progressive Policy Institute (PPI) Dr Michael Mandel said, “When Apple introduced the iPhone in 2007 that initiated a profound and transformative new economic innovation. While central bankers and national leaders struggled with a deep financial crisis and stagnation, the fervent demand for iPhones and the wave of smartphones that followed, was a rare force for growth.” Vietnam fosters a nascent tech sector, which includes mobile app development, and the country is home to a diverse app economy, encompassing several domains of industry. Digital technologies have emerged as an important export and a catalyst for growth in the Vietnamese economy, with high-tech products contributing 28.7% to Vietnam’s GDP in 2013. According to the World Bank (WB), Vietnam exported US$38.7 billion worth of high-tech products in 2015, a near tenfold rise on the figures in 2010. Come 2020, it is estimated that high-tech products and applications will account for 45% of Vietnam’s GDP. Over the past decade, Vietnam has taken important steps to realise technological… [Read full story]

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