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Vietnam E-Commerce Revenue Expands by 15% in 2022

Vietnam’s e-commerce revenue in 2022 grew by 15% compared to last year, according to recent reports. Last year, revenue saw year-on-year growth of 16%, reaching US$ 13.7 billion. Experts had predicted Vietnam’s e-commerce market would see a rapid and stable growth rate at double digits during the 2016-25 period.

Although Vietnam’s economy was heavily impacted by the COVID-19 pandemic in 2020, its e-commerce revenue still grew by about 15% to US$ 13.2 billion, compared to 2019. This year, the Vietnam E-commerce White Paper said that in 2021, Vietnam’s economic growth was only 2.58%, the lowest in the past 30 years. In that context, the country’s e-commerce revenue still maintained a growth rate of 6%.

In September, OpenGov Asia reported that Vietnam’s e-commerce value will reach US$ 39 billion by 2025. The total revenue of Vietnam’s Internet economy is forecast to reach US$ 57 billion by 2025. Vietnam has the second highest percentage of consumers shopping online in the region, after Singapore. The country’s B2C retail e-commerce revenue this year is estimated at US $16.4 billion.

With the sudden and significant change in online shopping habits in Vietnam, its e-commerce activities as well as trade promotion activities in the online environment continue to maintain rapid and sustainable development. Vietnam now has 70,000 digital technology firms, three years ahead of the target set for 2025. The number of digital enterprises in Vietnam increased from 45,600 in 2019 to 68,800 in September this year.

However, many enterprises with quality goods and products now still do not know how to use information technology as well as e-commerce or are not ready to carry out trade promotion activities on different online platforms. This is a weakness of many Vietnamese enterprises. The government has arranged several events and launched many initiatives to upskill and train enterprises in emerging technologies and their abilities to transform business operations.

Earlier this month, the government organised the Make in Vietnam Forum 2022, a national forum on the development of digital technology enterprises. It is one of the biggest annual events for Vietnam’s digital technology industry. It attracted about 1,000 delegates, including experts, domestic and foreign technology enterprises, and start-ups in the field of technology in Vietnam. Businesses from the Republic of Korea and Singapore attended online.

At the event, Deputy Prime Minister Vu Duc Dam urged digital technology enterprises to join hands and stay united to seek digital solutions to serve the government and people. Minister Long affirmed that digital businesses should help turn Vietnam into a developed country by 2045. Businesses must turn digital technology into an important driving force for creativity and innovation. The digital technology industry is a driver of Vietnam’s economy. Its revenue is estimated to reach about US$ 148 billion in 2022, marking a year-on-year increase of 10%, OpenGov Asia reported earlier.

The Deputy Minister of Information and Communications, Pham Duc Long, had noted that MIC will consider changing institutions to better support the development of digital businesses. The Ministry will accompany the Ministry of Education and Training to develop human resources, making it a core factor in the national digital transformation process. MIC will also work with the business community to further explore the domestic market and then enter foreign markets.

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