VIET NAM’S E-COMMERCE MARKET BOOMING

The value of e-commerce in Viet Nam is projected to reach US$13.2 billion in the first half of this year, a year-on-year increase of 28 percent, reported the Ministry of Industry and Trade.

In 2023, Viet Nam's e-commerce market reached approximately US$25 billion, up 25 percent against the previous year, becoming the fastest-growing e-commerce countries in Southeast Asia.

Viet Nam's e-commerce sector is growing robustly, becoming a vital component of the country's digital economy. Retail e-commerce sales have increased at an average annual rate of 20 percent over the past decade, placing Viet Nam among the fastest-growing e-commerce markets globally and regionally.

According to the e-commerce data platform Metric, in the first half of this year, the five largest e-commerce platforms in Viet Nam—Shopee, Lazada, Tiki, Sendo, and TikTok Shop—reported a combined revenue of VND156 trillion (US$6.2 billion).

Local businesses are also thriving, with both revenue and sales output growing by over 50 percent. This trend indicates that e-commerce is expanding beyond major cities and affecting provinces across the country.

Financial powerhouse HSBC predicted in a recent report that Viet Nam would maintain its rapid pace of digital development until at least 2025.

It noted that 60 percent of firms operating in the country plan to invest in technologies including digital payments, e-commerce and artificial intelligence, betting that doing so will boost their revenues and cut costs.

E-commerce in Viet Nam is projected to reach US$27.5-28 billion by the end of this year.

Source: VCCI