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Vietnam’s e-commerce expected to grow further

Despite the global recession that has hit e-commerce markets in the world’s biggest economies, Vietnam appears well positioned, in contrast, and is expected to grow through this phase, according to an article published on the foreign investment consulting firm Dezan Shira & Associates' Vietnam Briefing website.
Vietnam’s e-commerce expected to grow further ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Despite the global recessionthat has hit e-commerce markets in the world’s biggest economies, Vietnamappears well positioned, in contrast, and is expected to grow through thisphase, according to an article published on the foreign investment consultingfirm Dezan Shira & Associates' Vietnam Briefing website.

The article cited Nirgunan Tiruchelvam, an analyst atAletheia Capital, as saying that e-commerce markets in developed economies arestruggling, but the same may not be experienced in fast growing emergingmarkets like Vietnam.

The global e-commerce sector was valued at over 3trillion USD in 2022, according to Statista’s E-commerce Report 2022. The threebiggest e-commerce markets – China, the US, and Europe – account for the lion’sshare of this total e-commerce trade with a collective 2,723 billion USD inrevenue.

However, despite this big number, global e-commercerevenue fell, for the first time ever, in 2022.

A broad range of factors have contributed tocontraction in the e-commerce market, with inflation and the pandemic considered two factors that have played a pivotalrole in the market’s contraction. Moreover, the Russia-Ukraineconflict provoked energy price shocks impacting fuel prices, according to the article.

For international e-commerce businesses, the globaleconomic turmoil has translated to falling stock prices, and most prominently,layoffs.

This layoff trend, however, has not hit Vietnam quiteas badly, the article continued.

Vietnam’s e-commerce market hit 14 billion USD in 2022and may reach as high as 32 billion USD by 2025. Google’s e-Conomy SEA 2022report predicts that Vietnam will be in the top three countries attracting themost investors in the e-commerce sector.

AIA Insurance Inc, SBI Holdings, and Alibaba are justa handful of the big names pouring money into Vietnam’s Tiki, Lazada, and Sendoe-commerce marketplaces.

Furthermore, the Ministry of Industry and Trade (MoIT)’sVietnam E-commerce in 2022 report estimates that the online shopping value peruser will also continue to increase.

The article pointed out that in Vietnam, thedevelopment of e-commerce has leapfrogged traditional retail like supermarketsand convenience stores.

It makes sense then that McKinsey and Company hasforecast that Vietnam’s e-commerce market could be as big as traditional retailas soon as 2025. A trend that is not being seen in other parts of the world./.
VNA
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