Based on data gathered from renowned organizations and surveys of 11,000 consumers and 10,000 businesses, a recently-released report from the Vietnam E-commerce and Digital Economy Agency at the Ministry of Industry and Trade said Vietnam’s e-commerce sector has seen significant growth over recent years.

Revenue from e-commerce in the business-to-consumer (B2C) model in Vietnam only reached around $8 billion in 2018, but a year later had increased to $10.8 billion. The figure then rose to $11.8 billion in 2020 and $16.4 billion in 2022. Standing at $20.5 billion in 2023, the sector now accounts for 7.8-8 per cent of all sales of goods and services in Vietnam.

The e-Conomy SEA 2022 report from Google, Temasek and Bain & Company showed that Vietnam is posting among the faster growth in online shopping in Southeast Asia.

Revenue in Vietnam’s B2C online platforms continues to grow and this year may possibly reach $26.3 billion. The top 5 e-commerce platforms in Vietnam could record revenue of over $12.5 billion, for growth of 35 per cent compared to 2023.

It is worth noting that Vietnam’s e-commerce market has developed systems for service provision in the market, including technology platforms supporting e-commerce transactions, secure online payment systems, marketing services, online marketing communications, and delivery services.

However, ensuring the origin of goods and the safety and security of personal information as well as e-commerce logistics have not kept pace with market growth, and consumer trust in online transactions remains a challenge in Vietnam.

To further boost the development of e-commerce in 2024 and subsequent years, analysts believe that concerted effort from various sectors is needed to devise comprehensive strategies and solutions to promote e-commerce development. Such efforts should aim to protect consumer rights, enhance regional connectivity, promote green and sustainable development, and bridge the gap between regions through digital platforms.

With the same orientation in mind, the Center for Informatics and Digital Economy at the Ministry of Industry and Trade has been implementing solutions such as origin traceability systems to trace product origin, fight counterfeit and fake goods, and build online brands while marketing products in the digital environment.

Another method is creating a flagship store model, with local stores on e-commerce platforms. This provides synchronized solutions to help small and medium-sized enterprises distribute local products through digital platforms, thus narrowing the gap between regions.

“E-commerce has been asserting its crucial role in Vietnam’s digital economy in recent years,” a representative from the Vietnam E-commerce and Digital Economy Agency said. “Through appropriate solutions and strategies from management agencies, along with efforts from businesses to seize opportunities and overcome market challenges, e-commerce promises not only to continue its rapid development but also to grow sustainably in the future.”