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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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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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