Vietnam maintains the title of "Fastest growing app market in the world".
Google recently held the event "Think Apps: Building the Future, with Google AI", gathering more than 350 domestic and regional application developers and game creators. Building on the success of the annual Think Games and Think Apps events since 2021, this year's program focuses on supporting Vietnamese game and application developers to leverage AI to drive innovation and creativity.
Vietnam is always in the top markets for game and application development.
According to Google, the application and game development industry in Vietnam has maintained an impressive position, ranking 4th globally for the past 2 consecutive years, according to the data.ai 2023 report. This ranking of Vietnam is confirmed by its outstanding growth rate - an increase of 34% in total application downloads, surpassing the 5.6 billion download mark.
In addition, Vietnam also maintained its title as the "World's Fastest Growing App Market" with an impressive increase in downloads - up 40% annually over the past 5 years. This trend continued in 2023, with a surge of over 1.1 billion downloads, equivalent to 10,708 "Made-in-Vietnam" apps downloaded every minute. There were 4 developers who broke the 100 million download growth mark in 2023, including ABI, Bravestars, Higame and iKame.
Vietnamese app developers are showing a strategic shift towards quality and revenue. Revenue from in-app purchases (IAP) will increase significantly by 21% to $200 million by 2023. This trend highlights the focus on designing high-value experiences to create sustainable revenue streams. Furthermore, Vietnam’s software and IT services industry is expected to have a strong export turnover of $3.5 billion by 2023, with a steady annual growth rate of 15%.
Despite its impressive growth, Vietnam is currently ranked 28th globally in terms of in-app purchase revenue, which shows that there is still a lot of room for growth. Vietnam’s game and app development industry is also facing many challenges in integrating artificial intelligence (AI).
In this context, Google’s AI-based advertising solutions (including AC/ARO) can support developers. This is demonstrated by specific success stories from Vietnam such as iKAME’s user quality transformation and Wolt’s measurement strategy. In addition, Gen AI tools also support ad content creation and maximizing ad space on YouTube , with Playsimple being an example of Google’s iOS solutions that aim to achieve the set goals.