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Vietnam’s e-commerce and digital economy are experiencing unprecedented growth, emerging as dynamic sectors driving significant economic transformation and global engagement. Online sales in Vietnam are on track to reach US$ 30 billion by the end of 2024, according to a recent meeting in Ho Chi Minh City hosted by the Ministry of Industry and Trade’s Trade Promotion Agency and the city’s Investment & Trade Promotion Centre (ITPC). Influencers and AI are key drivers in the market, while logistics efficiency remains a challenge.
During the meeting, ITPC Deputy Director Ho Thi Quyen referenced a report by a market analysis firm, revealing that the country’s top five e-commerce platforms generate nearly VN$ 800 billion (approximately US$ 31.65 million) in sales daily. In the first half of the year, these platforms saw sales of VN$ 143.9 trillion, marking a remarkable 54.91% increase compared to the retail sector’s growth of 7.4%.
Despite the strong performance of these platforms, the top 10 e-commerce brands by revenue included only one Vietnamese brand, Vinamilk. This highlights the need for domestic brands to enhance their business strategies to compete more effectively in the local e-commerce market.
Looking ahead, forecasts indicate a rise in demand for affordable school supplies in August and early September as the new school year approaches. The report also observed robust growth in various shopping methods, particularly social media live-streaming commerce and multi-channel sales, which have been significant revenue drivers for sellers.
ITPC Deputy Director Ho Thi Quyen emphasised the importance of digital skills for businesses in developing their brands and expanding their reach. Tools like social media, livestreaming, and email marketing are essential for optimising business management and operations.
Le Hoang Tai, Deputy Director of the Trade Promotion Agency, urged companies to acquire new business skills aligned with current trends to leverage digital platform opportunities effectively. The agency plans to collaborate with partners to support businesses, cooperatives, and household enterprises in promoting trade through digital platforms and enhancing the agricultural digital economy. These efforts will include providing access to new technologies and helping businesses expand their market presence.
As OpenGov Asia reported, Vietnam is vigorously advancing its digital economy and e-commerce sectors, both nationally and globally, driven by a strategic focus on expansion and consolidation. The government is actively promoting digital transformation through supportive policies and initiatives aimed at enhancing market reach and operational efficiency.
Vietnam and Thailand are leading Southeast Asia’s e-commerce growth, with Vietnam surpassing the Philippines to become the region’s third-largest market. In 2023, the gross merchandise value (GMV) of Southeast Asia’s top e-commerce platforms reached US$ 114.6 billion, a 15% increase from the previous year. Vietnam and Thailand saw GMV growth of 52.9% and 34.1%, respectively.
Prime Minister Pham Minh Chinh has issued directives to streamline regulations and boost digital security, underscoring Vietnam’s commitment to modernising its digital economy. The government, in collaboration with ministries, localities, and the business community, is accelerating efforts to develop cross-border e-commerce as a key economic driver. This initiative is leveraging digital transformation to boost exports and ensure Vietnamese businesses thrive globally.
Over the past five years, Vietnamese SMEs have significantly increased their international reach, with a 300% rise in products exported via international e-commerce platforms. The sector’s B2C e-commerce export revenues are expected to hit US$ 13 billion by 2027.
Vietnam is enhancing its global presence and digital reputation through government policies and initiatives that promote cross-border e-commerce, which is growing 2.3 times faster than regular e-commerce and is expected to grow 20% annually until 2026.
The government is improving legal frameworks, providing financial support, and advancing digital infrastructure, while organisations like VECOM and AGSV support businesses in global e-commerce.
