According to the latest report, Vietnam's e-commerce market size is likely to reach 13 billion USD this year thanks to the proportion of young residents and the huge number of internet users.

  According to E-Conomy SEA 2019 report published by Google and Temasek, Vietnam's e-commerce market is currently worth $ 5 billion, with explosive growth of 81%.

The parameters are unexpected

E-commerce traffic growth in Vietnam ranks second in Southeast Asia, behind only Indonesia. Meanwhile, the Ministry of Industry and Trade's 2019 White Book on E-Commerce shows that the country's e-commerce market is growing at the fastest pace in the past three years. E-commerce plays an increasingly important role in the economy as revenue from e-commerce accounts for 4.2% of the total retail sales, up 0.6% over the previous year.

Head of the E-commerce and Digital Economy Department of the Ministry of Industry and Trade,Mr Dang Hoang Hai, said that Vietnam is currently one of the fastest growing e-commerce markets in the world with the growth of goods. year is 35 percent, 2.5 times higher than the level recorded in Japan.

Last year, the Ministry of Industry and Trade successfully organized an Online Friday event to promote the development of e-commerce and digital economy in Vietnam. The program attracted more than 11.9 million respondents and 1.6 million people scanned the QR code. A survey by the Ministry of Industry and Trade shows that 40% of online shoppers are not satisfied with delivery services on e-commerce platforms. In addition, the management policy of platforms has not kept pace with the development of new business models, especially business models based on digital technology. He described the weak capacity of management staff as a factor hindering the development of e-commerce.

The Ministry of Industry and Trade also forecasts: If the COVID-19 epidemic is controlled, it is possible that Vietnam's e-commerce market will increase 20% in the last quarter of this year to reach US $ 12 billion by the end of the year. During the first phase of the pandemic (February to April), 57% of surveyed e-commerce businesses reported 30% lower revenue growth compared to the same period in 2019, some businesses even had negative growth. to speak. E-commerce revenue for the first six months of the year fell 6% year-on-year despite the 25% increase in transactions

Most transactions at that time were of low value. Amid the disease averted, the ministry forecasts e-commerce revenue will grow 20% in the past three months, reaching $ 12 billion.

If the pandemic worsens impact production and consumption, supply and operations of transportation and food services, growth could be as low as 13% with an estimated market value of $ 11 billion. Vietnam is one of the most dynamic e-commerce markets in the world with an average annual growth rate of more than 30% over the past 5 years.

In May, the government approved a national e-commerce development master plan for the period 2021-25 for annual industry growth of 25% with more than half of the online shopping and mid-spending population. average about 600 USD / person / year in 2025. Sales to consumers (B2C) will increase 25% per year, accounting for 10% of total retail sales of goods and services. Cashless payments in e-commerce will account for 50%, and about 70% of transactions on e-commerce platforms will have e-invoices. At the same time, the gap in e-commerce development between Hanoi and Ho Chi Minh City and other localities is also expected to narrow.

To achieve this goal, the Ministry of Industry and Trade is developing mechanisms and policies to promote digital transformation and improve management capacity, organize e-commerce activities and enhance consumer confidence. In the first 9 months of this year, the authorities have handled more than 2,200 cases of e-commerce violations and acts of taking advantage of e-commerce to trade in smuggled goods, goods of unknown origin, goods infringing intellectual property rights, counterfeit goods. with a fine worth more than 16 billion VND (690,000 USD). In addition, from the beginning of the year until now, the ministry has asked e-commerce platforms to review and delete nearly 223,600 stores and more than one million products, and handle more than 30,000 infringing stores with nearly 48,000 products.