1)The SPEED of an object tells us how fast this object is moving, bit it doesn't indicate the direction of :
Speed = distance/time
2) The VELOVITY of an object tells us how fast this object is moving and in which direction it's moving ( If UP, then it's positive. If DOWN, then it's negative. Same logic for moving right (+) or left (opposite to right, then -)
Velocity = distance/time
In short te absolute value of Velocity = Value of speed:
| Velocity | = Speed