Vietnam's e-commerce forecast to surpass 11.8 billion USD
Vietnamese e-commerce market is forecast to continue growing in the post-pandemic period, with revenue surpassing last year's figure, according to experts.
Hanoi (VNA) 𝓀– 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./.
An estimated 70 million more people shopped online in six Southeast Asian countries since the COVID-19 pandemic broke out, according to a report from Facebook and Bain & Company.
The ranking of e-commerce businesses in Vietnam's Map of E-commerce changed in the second quarter of 2021, with the volume of searches on Google for essential online stores skyrocketing, according to an iPrice Group study.
Online shopping through e-commerce platforms by consumers in Hanoi rose 30-50 percent in four social distancing periods, according to the city Department of Industry and Trade.
The Government has issued Decree No.85/2021/ND-CP amending and supplementing several articles of Decree No.52/2013/ND-CP on e-commerce involving foreign traders.
Though e-commerce channels are considered one of the best solutions to sell local products amid the pandemic, legal risks from the activities remain a concern.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image. (Photo: congthuong.vn).
