Vietnam's e-commerce forecast to continue booming

Vietnam’s e-commerce is projected to continue booming in 2023 and developing firmly in the following years, aided by a series of growth drivers such as the wave of digital transformation, consumers’ trust, technological infrastructure, and favourable mechanisms and policies issued by the Government.
Vietnam's e-commerce forecast to continue booming ảnh 1Illustrative photo (Source: thoibaonganhang.vn)
Hanoi (VNA) – Vietnam’s e-commerce isprojected to continue booming in 2023 and developing firmly in the following years, aided by a series of growth drivers such as the wave of digitaltransformation, consumers’ trust, technological infrastructure, andfavourable mechanisms and policies issued by the Government.

Boasting some 100 cross-border e-commerce platforms, Vietnamhas been ranked among the top five nations with regard to the sector’s growth of 20% a year by eMarketer. Last year, the country’s top four platforms – Shopee, Lazada,Tiki, and Sendo – generated 135 trillion VND (5.73 billion USD) in revenues.

Meanwhile, the scale of the country’s retail e-commercemarket was estimated to reach 16.4 billion USD last year, accounting for 7.5%of the country’s goods and service revenues. There were approximately 57-60million Vietnamese people shopping online, with their spending averaging 260-285 USD.

According to the White Book on Vietnamese E-Business 2022,up to 74.8% of Vietnamese internet users purchased goods and services online,with the most consumed commodities named apparel and cosmetics, household items,and technological and electronic devices.

Nguyen Thanh Hung from the Vietnam E-commerce Association (VECOM) assessed that the market sees extensive roomfor growth as it obtained significant attention from the Government for relatedinstitutions, policies, human resources training, and cashless payments.

Nguyen Thi Minh Huyen, Deputy Director of the Vietnam E-commerceand Digital Economy Agency, said the Government targets pushing the rate ofe-commerce in the country’s total retail to over 20%. The local retail market isnow worth some 250 billion USD.

Tran Trong Tuyen, General Director of Sapo Technology JSC,highlighted advantages of the Vietnamese market such as foreign capital inflows,domestic technology development, and a comprehensive and convenient e-commerceecosystem, among others. He also forecast a quick and firm growth for the sector in the time to come./.
VNA

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