E-commerce anticipated to record stellar growth in 2021
Following the growth of e-commerce over previous years, in addition to the growth of electronic payment methods, the Ministry of Industry and Trade are set to focus on developing e-commerce infrastructure in the year ahead. This is in addition to fine-tuning institutions and legal frameworks for e-commerce in order to create a transparent, clear, and favourable legal environment for Vietnamese businesses and consumers.
The nation is currently considered one of the fastest growing e-commerce markets throughout Southeast Asia. Therefore, this year will see the MoIT accelerate the implementation of the National E-commerce Development Master Plan for the 2021 to 2025 period, which has been adopted by Prime Minister Nguyen Xuan Phuc.
Furthermore, the MoIT will continue to promote the increased use of information technology and digital transformation in management and administration, while also perfecting the foundations for e-Government development.
Last year e-commerce activities were largely considered, renewed, and focused on creating a new and stronger driving force for national commerce development moving forward.
The MoIT has managed to digitise the market information system and upgrade the export support platform of Vietnam ECVN.com. This marks the country’s first e-commerce platform to operate under the B2B model, with ECVN aiding many domestic enterprises to successfully export their products whilst becoming a reliable address for firms that need to export and seek international customers.
Last year saw approximately 53% of the population engage in online shopping. Despite suffering the impact of the novel coronavirus (COVID-19) pandemic, the nation’s e-commerce revenue grew by 18%, on from 25% growth in 2019, reaching US$11.8 billion and accounting for 5.5% of total retail sales and consumer service revenue nationwide.
Domestically, e-commerce represents a popular business form for enterprises and has enjoyed strong spread throughout the consumer community. Compared to other markets in Southeast Asia, the country boasts retail market share growth that is in the top three in the region.
Most notably, since 2015 the growth rates of the three largest Internet economies in Southeast Asia averaged between 35% to 36%, of which Indonesia ranked first at 41%, trailed by Vietnam at 36%, and the Philippines at 30%.
Related News
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
Preliminary assessment of Vietnam international merchandise trade performance in the first 2 months of 2024
11:44 | 06/04/2024 Customs Statistics
Latest News
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
13:51 | 25/04/2024 Headlines
Investor confidence gains traction on improved business climate
13:46 | 25/04/2024 Headlines
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines
Many new regulations aim to drastically remove the IUU "Yellow Card"
15:36 | 24/04/2024 Headlines
More News
PM chairs meeting of national committee for digital transformation
13:42 | 24/04/2024 Headlines
Seize the golden opportunity as retail giants look for supplies in Vietnam
10:34 | 24/04/2024 Headlines
Government’s action programme cracks down on illegal fishing
13:53 | 23/04/2024 Headlines
PM calls on ASEAN to pen strategic development vision
13:50 | 23/04/2024 Headlines
Forum to discuss new initiatives on ASEAN future vision: Deputy FM
15:13 | 22/04/2024 Headlines
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Green transformation and ESG practice to participate in the global competition
18:11 | 21/04/2024 Headlines
Factors influencing Vietnam’s FMCG market
18:06 | 21/04/2024 Headlines
Shrimp exports to major markets bounce back
17:57 | 21/04/2024 Headlines
Your care
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
13:51 | 25/04/2024 Headlines
Investor confidence gains traction on improved business climate
13:46 | 25/04/2024 Headlines
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines
Many new regulations aim to drastically remove the IUU "Yellow Card"
15:36 | 24/04/2024 Headlines
PM chairs meeting of national committee for digital transformation
13:42 | 24/04/2024 Headlines