Google has officially announced the establishment of Google Vietnam, marking a significant step in its efforts to support the country’s digital transformation initiatives.
The company’s website confirms that, starting April 1, domestic advertisers will handle tax procedures through Google Vietnam Company Limited, replacing the previous arrangement with Google Asia Pacific. Additionally, partners will begin applying Vietnam’s standard 10% tax rate from March 1.
“We currently have a dedicated team of employees on site to better serve advertising clients in Vietnam and to actively support the nation’s digital transformation agenda,” said a Google representative on December 6, affirming the company’s presence in the Vietnamese market.
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Marc Woo, Google’s CEO overseeing Vietnam and the Asia-Pacific region, revealed that he has relocated from Singapore to Ho Chi Minh City. A new office bearing the iconic Google logo has been established in District 1, Ho Chi Minh City. The company is also expanding its local operations, actively recruiting for roles in Google Cloud, Applications, and Games.
Vietnam is recognized by Google as a pivotal market with one of the strongest digital economies in Southeast Asia. The nation’s growing interest in artificial intelligence (AI) from both users and government authorities further underscores its potential in 2024.
The e-Conomy SEA 2024 report, jointly published by Google, Temasek, and Bain & Company, projects that Vietnam’s gross merchandise value (GMV) will achieve a compound annual growth rate (CAGR) of 16%, reaching $36 billion in 2024. Within this, the online media industry alone is expected to grow by 14% annually, reaching $6 billion in 2024 and $11 billion by 2030.
“Vietnam’s digital economy continues to demonstrate double-digit growth despite global economic instability,” noted Marc Woo. He highlighted the country’s thriving online media sector, which boasts the fastest growth rate in Southeast Asia. Additionally, Vietnamese developers are gaining global recognition for creating widely popular applications, further solidifying Vietnam’s influence in the global digital landscape.
With Google’s increased presence, Vietnam’s digital economy is poised for even greater advancements, driven by innovation and a growing commitment to technological progress.
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Source: Vietnam Insider