ASEAN's digital economy could reach $2 trillion by 2030

The ASEAN Digital Economy Framework Agreement (DEFA) is expected to be signed and implemented in 2026. During the 14th round of DEFA negotiations in Jakarta, the progress of discussions is likely to reach 70%.

At a press conference in Jakarta on October 7, Indonesian Economy Minister Airlangga Hartarto said the working group had drafted a number of important provisions.

According to Mr. Airlangga, ASEAN's digital economy reached a value of 263 billion USD in 2024. It is expected to reach about 1,000 billion USD by 2030. However, with the implementation of the Digital Economy Framework Agreement, this value could double to 2,000 billion USD. However, there are still some challenges, typically the differences in regulations between ASEAN countries.

Indonesia is expected to continue to be the leading country in the digital economy in ASEAN. According to Minister Airlangga, the value of Indonesia's digital economy will reach 360 billion USD by 2030, a significant increase from 90 billion USD in 2024. Of this, the main pillar sector is e-commerce, contributing about 150 billion USD by 2030.

Minister Airlangga added that the Negotiating Committee has agreed on five priority provisions that need to be finalized, including: Digital financial services, electronic transmission based on World Trade Organization (WTO) regulations on import duty exemption for digital transactions, non-discriminatory treatment of digital products, submarine cable management and flexibility in electronic payment systems.

Mr. Le Quang Lan, Director of the Market Integration Department, ASEAN Secretariat, said: For Vietnam, this Agreement is of great significance, as this is the first time Vietnam has participated in a comprehensive digital economic agreement. This requires government agencies and businesses to accelerate digital transformation, and prepare both the legal foundation and infrastructure.

For businesses, this is an important step forward. Stronger digital transformation will help reduce costs, and take advantage of the digital economy to expand commercial activities across the region, even the world.

With a regional population of 680 million, the ASEAN digital market is one of the most dynamic in the world. ASEAN began negotiations for the DEFA Agreement in 2023, with Indonesia as the chair. ASEAN claims it will be the world’s first regional digital economy agreement.

Source: https://vtv.vn/nen-kinh-te-so-cua-asean-co-the-dat-2000-ty-usd-nam-2030-100251008082914211.htm