Ecommerce market size set to peak at US$15 billion by 2020
Ecommerce sales totaled US$8 billion in 2018, far outstripping the figures of US$5 billion in 2016 and US$6.2 billion in 2017.
Addressing a recent workshop, Dang Hoang Hai, head of the Vietnam eCommerce and Digital Economy Agency under the Ministry of Industry and Trade, revealed the domestic e-commerce sector obtained a growth rate of 30 per cent last year as its total revenue sales amounted to some US$8 billion. This far outstrips the figures of US$5 billion in 2016 and US$6.2 billion in 2017.
Thanh Nien (Youth) newspaper cited preliminary statistics that as many as 67 per cent of local internet users have made an online purchase at least once. Further figures show that up to 82 per cent of online buyers made cashless payments after delivery.
Last year, many overseas research entities made positive noises about the domestic ecommerce market.
The e-Conomy SEA 2018 report by US tech giant Google and Singapore’s Temasek Holdings Private Limited indicates that e-Commerce is experiencing healthy growth across all Southeast Asian countries.
The report notes that Indonesia was leading the way in the region, reaching US$12 billion in 2018 and accounting for more than US$1 in every US$2 spent in the region.
Moreover, ecommerce adoption has also accelerated in Thailand and Vietnam, reaching nearly US$3 billion during 2018.
Vietnam’s ecommerce market size is forecast to reach US$15 billion by 2025. (Source: e-Conomy SEA 2018)
In a trend seen across all markets in the region, Southeast Asian consumers increasingly rely on ecommerce to buy a wide range of products that are unavailable in stores.
This largely stems from a relative lack of development of modern retail channels outside of major urban areas.
According to online shopping aggregator iPrice Group, of the 10 most successful ecommerce platforms in 2018, five of them are currently conducting business in Vietnam, including Lazada, Shopee, Tiki, Thegioididong, and Sendo.
Related News
The key to opening new doors for agricultural enterprises
10:02 | 05/09/2024 Import-Export
Seafood businesses face difficulties with S/C to export to Europe
09:30 | 03/09/2024 Import-Export
WB expert: It is not necessary to iment a loose fiscal policy
18:02 | 01/09/2024 Headlines
Spending over US$2 billion to import nearly 100,000 cars
14:58 | 28/08/2024 Import-Export
Latest News
Mekong Delta promotes clean agricultural production to achieve Net Zero
19:13 | 14/09/2024 Import-Export
Wood export target of 15.2 billion USD feasible, challenges remain
19:10 | 14/09/2024 Import-Export
Serious shortage and many impacts on seaport human resources
11:06 | 14/09/2024 Import-Export
Exports gain momentum
14:24 | 13/09/2024 Import-Export
More News
The driving force for businesses to "sprint" at the end of the year
09:48 | 13/09/2024 Import-Export
Binh Duong: Export enterprises regain growth momentum
09:47 | 13/09/2024 Import-Export
Vietnam's furniture products introduced at UK fair
15:30 | 12/09/2024 Import-Export
Foreign trade expected to set new record this year
15:28 | 12/09/2024 Import-Export
Bewaring of international trade fraud
07:34 | 12/09/2024 Import-Export
Việt Nam promotes green logistics
14:36 | 11/09/2024 Import-Export
US association appreciates Việt Nam's semiconductor industry
14:34 | 11/09/2024 Import-Export
Nearly 110,800 new firms established in eight months
14:28 | 11/09/2024 Import-Export
Mobilizing finance for low-emission rice value chains
09:33 | 11/09/2024 Import-Export
Your care
Mekong Delta promotes clean agricultural production to achieve Net Zero
19:13 | 14/09/2024 Import-Export
Wood export target of 15.2 billion USD feasible, challenges remain
19:10 | 14/09/2024 Import-Export
Serious shortage and many impacts on seaport human resources
11:06 | 14/09/2024 Import-Export
Exports gain momentum
14:24 | 13/09/2024 Import-Export
The driving force for businesses to "sprint" at the end of the year
09:48 | 13/09/2024 Import-Export