Analysts and observers agree that Vietnam is a growing market in e-commerce and have also offered assessments of the current situation and remaining challenges.

According to research from e-commerce logistics provider the Ninja Van Group, the number of Vietnamese people shopping online this year is expected to reach more than 51 million, up 13.5 per cent against 2021, with total spending on online retail to hit $12.42 billion. A Google and Bain & Company report, meanwhile, forecast that Vietnam’s digital economy will exceed $52 billion and be the third-largest in ASEAN by 2025.

Vietnam currently accounts for 15 per cent of all online shopping in Southeast Asia, second only to Thailand, with 16 per cent, and on par with the Philippines. The Google and Bain & Company report shows that Vietnamese people love online shopping and the country leads the region in a number of indicators.

Mr. Phan Xuan Dung, Sales Director at Ninja Van Vietnam, said the country holds significant potential thanks to its sustainable growth over recent years. In the past 12 months, the Ninja Van Group has completed 2 million orders a day in Southeast Asia, where it has 100 per cent coverage. It also boasts experience in freight forwarding and cross-border trade in Southeast Asia in general and in Vietnam in particular.

According to another report, from Statista, Vietnam is expected to have the second-largest e-commerce market in Southeast Asia, after Indonesia, before 2025. The purchase average in the country is currently $26, higher than Thailand’s $25 and Indonesia’s $18.

Mr. Dung said cross-border e-commerce is growing and creating momentum for businesses to reach out to the world and expand. However, due to challenges in payment gateways, logistics, regulations, and laws, many Vietnamese businesses have not yet taken part.