Vietnam’s e-commerce is forecast to hit $4.7 billion this year, according to Founder and CEO of PrimeData.ai Nguyen Hai Trieu.

Addressing the International Innovative Business Forum (IIBF) 2024 held in Ho Chi Minh City on June 12, Mr. Trieu added that the figure would increase to $23.77 billion by 2029.

In the first quarter of 2024, the sector recorded an impressive growth of 80% compared to the same period last year.

Over 768 million products were purchased online in the first three months with a total transaction value of VND79.12 trillion ($3.10 billion). The number of vendor accounts surged to 510,000.

The compound annual growth rate (CAGR) of Vietnam’s e-commerce is 10.09%, ranking tenth worldwide and topping the Southeast Asia.

Speaking at the meeting, Minister of Science and Technology Huynh Thanh Dat said amid the rapid of e-commerce development across the globe, technology application and transfer, and innovation play important role in improving productivity and competitiveness for enterprises.

Particularly, in the context of international integration through new-generation free trade agreements (FTAs) and the influence of the fourth Industrial Revolution, technology capacity is a key factor for businesses to produce products and services with competitive or superior characteristics, meeting the increasing demands of the market, he said.

The minister pointed to pressures on businesses in the field, stressing the need for them to apply systematic measures to absorb and renovate technologies, gradually moving towards technological autonomy, and green and sustainable technology.