Digital Economy and E-commerce as a new Vector of Vietnam’s Foreign Economic Relations

Abstract

Against the backdrop of a relatively favorable socio-economic environment, the digital economy has been a key driver of foreign economic relations. In the era of Evolution 5.0 and the rapid expansion of the Internet, the growth of e-commerce has been breakthrough. The shift towards new economic paradigm represents a fundamental trend today. Moreover, advancements in digital technologies have become a crucial factor in attracting investment. According to UN statistics, e-commerce has grown significantly worldwide since 2010, with over 80% of the population using the Internet and making purchases online. E-commerce sales accounted for three-quarters of global GDP, amounting to $27 trillion in 2022. Currently, the Vietnamese economy has reached unprecedented growth rates. The country has recognized that e-commerce allows the country to effectively overcome geographic and infrastructural barriers to integration. It is prepared for digital evolution and has achieved notable progress. However, diversification of foreign economic relations and the search for new tools are essential amid increasing digital transformation. This article assesses the importance of the digital economy as a new vector of Vietnam’s foreign economic relations.
Main objective: To analyze the role and potential of the digital economy as a new strategic vector of Vietnam’s foreign economic relations, identifying opportunities and challenges in its development for expanding new partnerships.
Research tasks: To define the concept and essence of the digital economy; To identify the main trends, dynamics, and factors in the development of the digital economy in Vietnam; To identify the reasons for its emergence as a new vector for the development of foreign economic relations; To formulate prospects for further integration of the digital economy.
Methodological framework: Statistical analysis, empirical methods, comparative analysis, and logical and systemic approaches. These methods facilitate the study of the digital economy, identify current issues, and assess its impact.
Research findings: The Vietnamese government has been actively implementing strategic measures that not only allow people to gain access to modern technology but also strengthen mutual cooperation. Digitalization in Vietnam is progressing rapidly, stimulating participation in global digital supply chains and expansion of foreign economic relations.
Conclusions: Overall, the digital economy has become a driving force, significantly enhancing international cooperation. It facilitates the improvement of the country’s position, economic growth, and international relations. Consequently, digitalization plays a key role in stimulating socio-economic development. On the other hand, the scientific and technological sphere in Vietnam has shown no clear signs of technological dominance.