VIETNAM CHAMBER OF COMMERCE AND INDUSTRY
Liên Đoàn Thương Mại Và Công Nghiệp Việt Nam
Tue, Dec 03, 2024, 08:05:00
Vietnam’s e-commerce has maintained an annual growth rate of 18-25 percent
A report by the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade shows that Vietnam is one of the fastest-growing e-commerce markets in the region and the world, ranking third in Southeast Asia. Vietnam’s e-commerce market is forecast to reach approximately US$45 billion next year and become a key driver of digital economic development.
Addressing the opening ceremony of Vietnam Online Friday 2024 on the evening of November 29, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said, “In recent years, Vietnam’s e-commerce has affirmed its pioneering role in the digital economy. Despite global and regional economic challenges, the sector has maintained an impressive annual growth rate of 18-25 percent. In 2023, Vietnam’s e-commerce grew by 25 percent, generating a revenue of US$20.5 billion. It is forecast that by the end of this year, the market size will have surpassed US$25 billion, providing clear evidence of the sustainable development and potential of e-commerce in Vietnam.”
According to a report on Southeast Asia’s digital economy 2024 released by Google and Temasek in early November, Vietnam’s internet economy is estimated to reach US$36 billion this year, an increase of 16 percent compared to last year. Retail e-commerce sales remain a key pillar, contributing US$22 billion, up 18 percent year-over-year, and accounting for 61 percent of the total internet economy size.
Besides pricing, home delivery is a key factor making e-commerce attractive to customers. E-commerce also enables customers to track orders, delivery status and cost.
To further promote e-commerce, Prime Minister Pham Minh Chinh recently signed Official Dispatch 119/CD-TTg, requesting relevant ministries and localities to enhance state management of e-commerce. The dispatch indicates that e-commerce has experienced robust growth in recent years and become an inevitable trend in the global economy, especially cross-border e-commerce activities.
The Prime Minister assigned the Ministry of Industry and Trade to take the lead and coordinate with relevant ministries and agencies to continue reviewing the Commercial Law and related legal documents, and propose the formulation, amendment, and supplementation of legal policies on e-commerce management. The Ministry of Industry and Trade is also assigned to develop policies for managing e-commerce transactions related to imports and exports, summarize the implementation of the National Master Plan for E-commerce Development in the 2021-2025 period, and draft a plan for the 2026-2030 period and submit it to relevant authorities for approval.
