Vietnam’s e-Commerce revenue to exceed 15 billion USD this year: Association
Vietnam’s e-Commerce growth reached 32 percent last year and averaged about 30 percent annually since 2016, according to a report by the Vietnam e-Commerce Association (VECOM).
Vietnam could have Southeast Asian's third-largest e-commerce market by 2025 (Photo: VNA)
Hanoi(VNA) – Vietnam’s e-Commerce growth reached 32 percent last year and averagedabout 30 percent annually since 2016, according to a report by the Vietname-Commerce Association (VECOM).
The data wasannounced at the Vietnam Online Marketing Forum (VOMF) 2020 held by VECOM in HoChi Minh City on October 21.
Total retailsales of goods and services online hit around 11.5 billion USD in 2019.
The e-Commercesector is forecast to maintain a growth of more than 30 percent this year toexceed 15 billion USD.
The market sizeis expected to hit 43 billion USD by 2025, ranking third in Southeast Asia,according to earlier forecasts of Google, Temasek and Bain&Company.
A recent reportreleased by the Ministry of Industry and Trade suggests that the e-Commercerevenue may climb 20 percent in the last quarter of the year to reach 12billion USD by the year’s end if the COVID-19 is still kept undercontrol.
In the earlystages of the pandemic (from February to April), 57 percent of surveyede-commerce-related businesses reported their revenue growth was below 30percent compared to the same period of 2019, with some even seeing negative growth, the reportsaid.
However, 24percent of businesses saw revenue increasing more than 51 percent.
E-commercerevenue in the first six months declined 6 percent year-on-year despite thenumber of transactions increasing by 25 percent. Most transactions at that timewere of low value.
In case thepandemic worsens and adversely impacts production andconsumption, supply and operation of transport and catering services, growthcould reach only 13 percent with estimated market value of 11 billion USD.
In May, theGovernment approved the national e-commerce development master plan for2021-2025, targeting an annual industry growth of 25 percent with more than half of the populationshopping online and average spending of about 600 USD per person per year by2025.
Business-to-consumer(B2C) sales will rise 25 percent per year, accounting for 10 percent of totalretail sales of goods and services. Cashless payments in e-commerce would makeup 50 percent and about 70 percent of transactions on e-commerce platforms haveelectronic invoices./.
The COVID-19 pandemic has become a golden opportunity for e-commerce trading floors, as well as social networks such as Facebook. However, the country has lost billions of dong in tax revenue due to e-commerce as there are no specific regulations on the sector.
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Vietnam’s e-commerce market is forecast to climb 20 percent in the last quarter of this year to reach 12 billion USD by year end if the COVID-19 pandemic is brought under control.
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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.
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Vietnam could have Southeast Asian's third-largest e-commerce market by 2025 (Photo: VNA) 
