February 21, 2024

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E-commerce to Be Fastest Growing Sector in Vietnam

Despite global and domestic economic challenges impacting trade, e-commerce will continue to be the fastest-growing and most stable economic sector in Vietnam this year, experts report. Building on the momentum from two previous waves of growth, e-commerce in the country is expected to grow at a rate of over 25% and reach a scale of more than US$ 20 billion.

In 2022, it is estimated that the scale of online retail sales of goods transactions accounted for approximately 8.5% of the total retail sales of consumer goods and services, which amounted to VND 5,680 trillion (US$ 240.5 billion). For the retailing of goods alone, the amount of online retail sales of goods against the total retail sales of goods was about 7.2% last year, higher than the corresponding rate of 6.7% in 2021.

As per the data from the General Statistics Office, the gross domestic product (GDP) of the nation grew by 3.3% in the three months of this year compared to the same period last year. The total retail sales of consumer goods and services were estimated to be around VND 1,505.3 trillion (US$ 64 billion), marking an increase of 13.9% compared to the same period last year. When excluding the price factor, the growth was still notable at 10.3%.

The accommodation and food services sectors experienced the highest growth rate, with a significant increase of 26.0%, followed by the wholesale and retail sectors, which saw growth of 8.1%. Despite the ongoing challenges faced by the economy since mid-2022, which have extended into the first quarter of this year and may continue until the end of the year, experts have assessed that e-commerce has grown by more than 22% year-on-year in the first quarter. Furthermore, they predict that e-commerce could still achieve a growth rate of over 25% for the entire year.

Considering the challenges faced by businesses in the current economic recession, including limited access to credit capital, it is crucial to offer smart financial solutions to help businesses make better use of the capital of financial institutions.

Given that e-commerce in the country still constitutes a relatively small portion, approximately 8.5%, of the total retail sales of consumer goods and services, it is crucial to make efforts to increase the presence of Vietnamese goods and products on e-commerce platforms. This includes exploring opportunities to list items such as seafood to further promote their accessibility to online consumers.

Social media sites are becoming increasingly important for e-commerce, in fact, business on social networks could surpass e-commerce floors. More and more businesses are shifting to social network models. In terms of e-commerce business activities of e-commerce floors and social networks, a survey showed that up to 65% of businesses have implemented business activities on social networks.

There has been a continuous increase in the number of employees at enterprises who use tools like online messaging tools regularly. Selling through social networks is considered the most efficient method, exceeding other forms such as websites or business applications. Moreover, cashless payment and transaction channels are increasingly popular, with commercial banks, e-wallets, and fintech companies promoting the application of technology for online payments.


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