Total revenue in e-commerce is expected to reach $35 billion by 2025, according to a target set by the Ministry of Industry and Trade (MoIT).

The MoIT also aims to increase the rate of population engaging in online shopping and cashless payments to 55% and 50%, respectively.

The size of Vietnam's retail e-commerce market reached $20.5 billion in 2023, an increase by $4 billion, compared to 2022.

In the past four years, the e-commerce has continuously developed with an aannual verage growth rate of 16-30%.

At a seminar on the development of digital economy and digital society for Vietnamese enterprises held on June 6, Ms. Nguyen Thi Minh Huyen, Deputy Director of the Department of E-commerce and Digital Economy under the MoIT, said the Government has created many conditions for e-commerce businesses to develop stably and sustainably.

The national e-commerce development master plan for the 2021-2025 period and the national digital transformation program by 2025 with a vision to 2030, which were approved by the Prime Minister, are considered the two backbones in boosting the development of e-commerce and digital economy of Vietnam, she said.

Legal framework for e-commerce activities in Vietnam has been gradually improved to protect both consumers and enterprises.

The Government has also issued many tax and financial supporting programs, invested in e-commerce infrastructure development, promoted cross-border e-commerce and developed technology to facilitate businesses’ participation in e-commerce, according to Ms. Huyen.