In simple words we can explain this two-term in the way that “Velocity is the speed with direction” and the speed has no direction.
Speed is the magnitude of the velocity and it is a scalar quantity. When we divide the unit of distance by time taken then the result of this is called speed. (e.g miles per hours, meter per second, etc.)
Velocity is the vector quantity so we need to specify the direction with magnitude (speed). For example, Ali travels with a speed of 70Km/hrs in south direction.
There are similarities between speed and velocity and also there is a difference between them. Velocity and speed both calculate how fast the object is moving due to which these 2 might sound the same but there is the crucial difference between them. Velocity deals with direction while speed does not deal with directly.