Vietnamese e-Commerce: Export Value Surge by 45%, SMEs Play Leading Role
The Vietnam Small and Medium Enterprise Empowerment Report in 2022 released by Amazon Global Selling summed up a flourishing year of Vietnam's cross-border exports via e-commerce platforms.
|Screenshot from 2022 VIetnam SMEs Empowerment Report by Amazon Global Selling
Vietnamese SMEs are making the most of the advantages brought about by online business and export opportunities to boost revenue and accelerate post-pandemic recovery.
According to the report, cross-border e-commerce experiences positive growth despite global challenges, contributing to the post-pandemic recovery of local businesses.
Notably, since September last year, the number of Vietnamese sellers on the U.S. e-commerce platform Amazon has risen by 80%, most of which are small and medium enterprises.
The number of products sold by Vietnamese sales partners on Amazon's stores also increased by more than 35% year-on-year. Vietnamese selling partners who generated more than US $500,000 in sales increased by 60%.
The diverse participation of sales partners from a wide range of sizes and industries proves that cross-border e-commerce is no longer an exclusive playground for big brands. AnEco, Lafooco, Sunhouse, and HMG are typical SMEs that join the wave of cross-border e-commerce with Amazon and at the same time increase local employment.
Top-selling products of Vietnamese sellers on Amazon include kitchen, home, textiles, health and personal care products, and home utilities. These best-selling products not only contribute to the development of the nation's major industrial sectors but also indicate the steady expansion of Vietnamese SMEs.
With more than 90% more Vietnamese SMEs now using Fulfillment Services by Amazon (FBA), their FBA sales have surged by more than 50%.
Amazon Global Selling Vietnam's efforts for sellers have positive impacts on the Vietnamese digital economy, enhancing the position of goods and brand value "Made-in-Vietnam". This is a sign for local businesses to improve their social responsibility while supporting job growth in many localities.
Vietnam’s e-commerce predicted to grow fastest in South East Asia by 2026
A 2022 study by big data analysis company Metric.vn indicated that Vietnam is emerging as the second largest e-commerce market in Southeast Asia, only after Indonesia.
Earlier this year, at the launch of Amazon Week in Hanoi, Head of Amazon Global Selling Vietnam Gijae Seong claimed that Vietnam’s e-commerce market will become the fastest-growing in Southeast Asia by 2026. He said although global economies are recovering unevenly after the COVID-19 pandemic, cross-border e-commerce in the world, including Vietnam, has still witnessed breakthrough growth.
Meanwhile, revenue from business-to-consumer (B2C) e-commerce in Vietnam is also expected to increase by over 20% each year, with global e-commerce is forecast to expand by 28.4% annually between 2020 and 2027.
Also at the launch of the Amazon Week in Hanoi, Deputy Director of the Vietnam E-Commerce and Digital Economy Agency (iDEA) Lai Viet Anh said over the last 10 years, e-commerce in the country has continually grown by 25 - 30% while its size increased to US $13.7 billion in 2021.
Vietnam's e-commerce sector has made up over 7% of the total flows of consumer goods and services and become a critically important distribution channel aside traditional ones.
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