Vietnam's e-commerce forecast to surpass 11.8 billion USD

November 07, 2021 | 11:04
Vietnamese e-commerce market is forecast to continue growing in the post-pandemic period, with revenue surpassing last year's figure, according to experts.
Vietnam's e-commerce forecast to surpass 11.8 billion USD
Vietnam's e-commerce forecast to surpass 11.8 billion USD, Illustrative image. (Photo: congthuong.vn)

Hanoi – Vietnamese e-commerce market is forecast to continue growing in the post-pandemic period, with revenue surpassing last year's figure, according to experts

The experts revealed the information at a workshop held recently on the future of the Vietnamese digital economy within the framework of Techfest Vietnam 2021.

E-commerce revenue in Vietnam hit 11.8 billion USD last year, posting a growth rate of 18 percent.

Nguyen Thi Thanh Thuy, head of e-commerce division of Voso E-commerce Platform, said that the Vietnamese e-commerce market recorded the fastest growth rate in Southeast Asia.

E-commerce is expected to continue booming after the COVID-19 pandemic is controlled, creating new consumption trends. The demand for online purchases through e-commerce platforms has increased sharply since the outbreak of the pandemic.

Up to now, more than 70 percent of Vietnam's population have accessed the Internet, of which nearly 50 percent of consumers have tried online shopping and 53 percent of them have used e-wallets and online payment.

Thuy said that consumers' habits have completely changed during the pandemic, as they have reduced shopping activities and instead they have focused on essential goods and been interested in Vietnamese commodities.

Tran Chi Dung, Head of Technology-Innovation Division of the Vietnam Logistics Business Association, said that a change in shopping habits has created great opportunities for e-commerce to develop. However, Vietnam's e-commerce still faces many challenges such as consumer trust when buying online products, forms of delivery and payment, information security and transportation infrastructure.

Le Thi Mai Anh, Head of the E-commerce Postal Sales Department at Vietnam Post, said the rapid growth of the market is forecast to continue in the future. This growth will not only bring about major opportunities but also challenges for the development of logistics platforms to meet the increasing demand of customers and the market.

Logistics enterprises for e-commerce are also facing a low rate of information technology application in e-commerce logistics, she said.

Currently, only about 11 percent of businesses are applying basic information technology related to tracking and tracing goods, delivery and warehousing systems. Another challenge is the absence of a legal framework for e-commerce logistics, Anh said.

VNA

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional