Vietnam to be Fastest-Growing E-Commerce Market in Southeast Asia: Report

Vietnam added 4 million digital consumers last year. Photo: VnEconomy

According to Bain & Company and Meta ’s SYNC Southeast Asia report which looks at the digital economy and the future of e-commerce in the region, the Vietnamese e-commerce market has bloomed over the past five years.

The market is forecast to grow about 28% by 2027, the highest in the region, to reach $40 billion USD, the report said.

Khoi Le, Country Director - Meta Vietnam, said Vietnam added 4 million digital consumers last year, and that every eight out of 10 Vietnamese people at the working age are digital consumers.

Vietnamese people use the internet for studying, watching movies or listening to music, and online shopping. Photo: Aba-france.com

“This means Vietnam now counts 60 million digital consumers,” he said, noting that up to 84% of Vietnamese consumers search for items they want to buy online.

The number of online platforms used by Vietnamese consumers increased from eight in 2021 to 16 this year.

Vietnam was also among the top markets in terms of adoption rate of future technologies like Fintech and Metaverse, apart from Indonesia and the Philippines, as 58% of digital consumers in Vietnam used Fintech solutions last year, and seven out of 10 used Metaverse-related technologies.

The figures show that Vietnam is very ready for new technologies, Khoi said, describing this a great opportunity for the development of digital economy and new sectors in the country in the time ahead.

The digital consumer population in Southeast Asia is still growing steadily and is forecast to reach 370 million by end-2022, accounting for 82% of the total population of 15-year-olds and above. This figure is projected to rise further to 402 million by 2027, accounting for 88% by the end of the forecast period./.

The Vietnamese e-commerce market has bloomed over the past five years. Photo: VnEconomy

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