Vietnam’s e-commerce market to rocket to 13 billion USD in 2020

The size of Vietnamese e-commerce market is likely to hit 13 billion USD this year thanks to a large percentage of young residents and internet subscribers, according to insiders.

According to the report e-Conomy SEA 2019 announced by Google and Temasek, Vietnam’s e-commerce market is currently valued at 5 billion USD, with an explosive growth of 81 percent.

Meanwhile, the Ministry of Industry and Trade’s E-commerce White Book 2019 showed that the nation’s e-commerce market was growing at its fastest pace in the recent three years.

E-commerce is playing an increasingly important role in the economy as revenue from the e-commerce sector accounted for 4.2 percent of the total retail sales, up 0.6 percent from the previous year.

The Ministry of Industry and Trade pledged to work to complete institutions and pen comprehensive measures to build a sound eco-system for e-commerce and digital economy as well as support local firms to apply advanced technologies of the Fourth Industrial Revolution.