Vietnam has become the second-largest e-commerce market in Southeast Asia in post-Covid-19 times, according to a report presented at the Vietnam Online Business Forum (VOBF 2022), held by the Vietnam E-Commerce Association (VECOM) on May 10.
The impact of Covid-19 boosted the development of e-commerce in many countries, including Vietnam. Beauty, women’s fashion, and household products claimed the most interest and purchases on Shopee, Lazada, Tiki, and Sendo.
In the first quarter of 2022, Vietnam’s GDP growth looked positive and is expected to continue surging, which signals a recovery in the economy. With recovery in the economy and the jobs market, it is expected that consumer spending will rise strongly, pushing the further development of e-commerce.
Regarding cross-border e-commerce, a report from the DPDgroup noted that in addition to shopping for goods in Southeast Asia, many people also buy goods from elsewhere in Asia, such as China, Hong Kong (China), Taiwan (China), Japan, and South Korea. Such consumer behavior encourages online retailers to expand their customer base in the region and even across the globe.
Mr. Phan Xuan Dung, CCO of Ninja Van Vietnam, said that to satisfy consumers, many Vietnamese businesses or online stores have begun looking for foreign sources of goods for the domestic market. “However, when participating in international trade, there are some limitations in the ability to control risks relating to goods quality, conduct international payments, secure flexible shipping routes, and complete customs clearance procedures at optimal cost, which pose many challenges for imports and leads to stagnation in trade and a lack of supply,” he added.