Vietnam’s e-commerce market to surpass 17 bln USD in 2023
Vietnam’s e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 16.3 percent from 9.4 billion USD last year to 17.3 billion USD in 2023, data analytics company GlobalData forecast.
Vietnam’s e-commerce market is projected to grow 16.3 percent from 9.4 billion USD last year to 17.3 billion USD in 2023, according to GlobalData. (Photo: VietnamPlus)
Singapore (VNA) – Vietnam’s e-commerce market isprojected to grow at a compound annual growth rate (CAGR) of 16.3 percent from9.4 billion USD last year to 17.3 billion USD in 2023, data analytics company GlobalData forecast.
Singapore-based Business Times on March 10 cited aGlobalData report saying Vietnam’s e-commerce market has doubled over the pastfive years, with total online spending expanding from 3.9 billion USD in 2015to 9.4 billion USD in 2019.
“While the traditional payment instruments such as cash,cards and bank transfers are widely used for e-commerce purchases, consumerpreference for alternative payments is on the rise,” said Nikhil Reddy, a bankingand payments analyst at GlobalData. “There is a growing demand for faster andconvenient payment means, especially among tech-savvy millennials.”
According to a GlobalData survey, cash is still the most preferredpayment mode, making up 35.6 percent of e-commerce purchases. Alternativepayment solutions are gradually gaining ground, accounting for 15.5 percent.MoMo is the most preferred alternative payment in Vietnam, followed by PayPal.
Meanwhile, global firms are investing in Vietnamesee-commerce companies, looking to ride on the strong growth.
In 2018, Tiki received 5.3 million USD and 44. million USD funding from VNGCorporation and Chinese investor JD.com, respectively. In the same year, Sendosecured 51 million USD from SBI Group (a Japan-based financial services company) andother investors. Furthermore, Chinese e-commerce giant Alibaba invested anadditional 2 billion USD in Lazada, one of the leading e-commerce companies in thecountry./.
The size of Vietnamese e-commerce market is likely to hit 13 billion USD this year thanks to a large percentage of young residents and internet subscribers, according to insiders.
Shopee, a leading e-commerce platform in Southeast Asia and Taiwan, has come out on top as the most positively discussed e-commerce platform in Vietnam.
The General Department for Market Surveillance has recently set up a working team on e-commerce to deal with the increasing number of trade violations online.
Investment in Vietnamese start-ups is growing sharply with millions of dollars pledged in 2019 and the first two months of 2020, according to Singaporean venture capital firm Cento Ventures.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
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.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
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.
Vietnam’s e-commerce market is projected to grow 16.3 percent from 9.4 billion USD last year to 17.3 billion USD in 2023, according to GlobalData. (Photo: VietnamPlus)
