Vietnam: One of the fastest growing app markets in the world

DNHN - Vietnam is recognized as one of the fastest-growing app markets globally, with download rates increasing impressively by 40% annually over the past five years, placing it in the top 5 worldwide.

At the ThinkApps 2024 event for app and game developers held in Hanoi on July 11, Marc Woo, Managing Director of Google Vietnam and Asia-Pacific, shared insights from the data.ai 2023 report. The report highlighted that Vietnam's app and game development industry has maintained its 4th global position for two consecutive years. This ranking is attributed to a remarkable 34% increase in total app downloads, surpassing 5.6 billion downloads.

Moreover, Vietnam has continued to be one of the fastest-growing app markets globally, with downloads increasing by 40% annually over the past five years, securing its position in the top 5 worldwide. This trend persisted in 2023, with a surge exceeding 1.1 billion downloads, equivalent to 10,708 "Made-in-Vietnam" apps downloaded per minute. Among these, four publishers have apps with over 100 million downloads.

Simultaneously, app revenue grew by 21%, reaching 200 million USD. "Vietnamese developers are demonstrating a strategic shift towards quality and revenue", noted a Google representative.

Despite the impressive growth in downloads, the revenue generated by Vietnamese app publishers and developers remains modest compared to their potential. Vietnam currently ranks 28th globally in in-app purchase (IAP) revenue.

In comparison, markets like Cyprus, with 300 publishers, recorded 1.4 billion USD in revenue, and Turkey, with 2,000 publishers, generated 1.8 billion USD. Meanwhile, Vietnam, with 1,500 publishers, achieved 200 million USD in revenue.

To address this, developers and publishers, especially in the gaming sector, are advised to focus on high-value user experiences to create sustainable revenue streams. Leveraging AI to drive innovation is also recommended.

These challenges include: (1) A shortage of AI experts and high-quality training programs, hindering the development of AI talent; (2) Limitations in accessing mentorship and guidance from leading AI figures, creating obstacles in assessing and building highly competitive AI-supported products in the market; (3) Lack of available infrastructure for rapid testing, evaluation, and development of AI-related products.

With a comprehensive solution set, from AI tools to practical training programs, Google AI will support Vietnamese developers and drive innovation. This comprehensive approach is structured around three main pillars: Building for Quality; Building to Increase Revenue; and Building for Sustainability. This year's program focuses on the advantages that AI can bring in revolutionizing the development process, promoting applications, and providing numerous concrete, real-world examples of the success of Vietnamese developers in the global app industry.

Compared to last year, these pillars have been upgraded, seamlessly integrating Google's best AI solutions into the support programs, helping developers create high-quality apps, attract more users, and build thriving businesses.

Google plays a crucial role in promoting the growth and innovation of the app and game industry in Vietnam. Through the latest AI technology and comprehensive support programs from the early stages, Google aims to empower local developers to create high-quality apps, reach a global audience, and achieve sustainable business growth.

Thu Ha