Vietnam in global top 10 for e-commerce growth

December 01, 2023 | 19:00

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E-commerce in Vietnam has recorded outstanding growth of 16-30 per cent per year over the last ten years, with the market size expected to reach $20.5 billion in 2023.

Vietnam in global top 10 for e-commerce growth

Ministry of Industry and Trade (MoIT) Deputy Minister Do Thang Hai

National e-commerce Week and the 10th annual Vietnam Online Shopping Day kicked off on December 1, and to mark the occasion, the Department of e-commerce and Digital Economy under the Ministry of Industry and Trade (MoIT) organised the Vietnam e-commerce Development Conference.

Ministry of Industry and Trade (MoIT) Deputy Minister Do Thang Hai said, "Vietnam's e-commerce sector has recorded outstanding growth annually since the beginning, and has now become a vital component in the country's digital economy."

However, e-commerce still faces many challenges such as ensuring the quality and origin of goods, the safety and security of customer information, and a logistical infrastructure struggling to keep pace with growth.

To promote the sustainable development of e-commerce, Le Hoang Oanh, the director general of the MoIT's Department of e-Commerce and Digital Economy, highlighted the need for stable growth, along with a focus on green development and environmental protection, improved human resources, and consumer protection.

Vietnam's e-commerce market is among the top 10 in the world and is expected to continue to grow over the next two years.

In addition, representatives of the National Competition Commission announced policies at the conference to protect consumer rights online.

Many observers agreed that consumer confidence is paramount to ensuring the continued growth in e-commerce, and so to increase faith in online transactions, proposals such as a system of regular inspections, examinations, and supervision, along with amending laws and regulations on protecting consumer rights, were made.

E-commerce tax compliance required

Local authorities have announced intentions to reinforce tax declarations and payments, as numerous e-commerce platforms have been found to provide inadequate tax information.

Cashless payments in e-commerce to account for 50 per cent by 2025

The Ministry of Industry and Trade (MoIT) has set a target to increase the cashless payment ratio in e-commerce, especially e-payments through payment intermediaries or applications, to 50 per cent by 2025.

Logistics landscape changing through e-commerce overhaul

The promising e-commerce sector in Vietnam, which has seen exponential growth and is projected to surpass regional counterparts such as Thailand, Philippines, Malaysia, and Singapore, has had a profound impact on the logistics industry.

Online exports excite e-commerce players

Many businesses are implementing strategies to access international markets through product promotion and consumption on e-commerce platforms to exploit the fertile potential of online exports.

By Nguyen Huong

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