Vietnam's E-commerce Growth Rate in World's Top 10

This year, Vietnam's e-commerce increased by US $4 billion, the fastest growing in Southeast Asia.

Fanasy Nguyen Le

January 02, 2024 | 10:36

The Department of E-commerce and Digital Economy (Ministry of Industry and Trade of Vietnam) recently reported that Vietnam witnesses a remarkable breakthrough in the e-commerce sector as the year comes to an end. The scale of Vietnam's retail e-commerce market in 2023 is expected to reach US $20.5 billion, an increase of about US $4 billion (equivalent to 25%) compared to 2022.

In particular, Vietnam's e-commerce growth rate is in the group of 10 leading countries in the world, ranking first in Southeast Asia. The rate is expected to continue to climb the rankings in the next 2 years.

E-commerce activities continue to contribute significantly to the development of supply chains and circulation domestically and internationally. These platforms support the effective consumption of large quantities of agricultural products and food for farmers and businesses, especially during the harvest season.

Many businesses have experienced breakthrough growth thanks to e-commerce applications. Cross-border retail sales of goods have increased, including the participation of many small and medium-sized enterprises (SMEs).

Vietnam's E-commerce Growth Rate in World's Top 10

Representatives of Amazon Global Selling Vietnam share information with Vietnamese businesses about potential groups of goods that can be sold on the Amazon e-commerce platform (Photo: Amazon Global Selling Vietnam).

The Vietnam E-Commerce Association also assessed that the number of new online consumers continues to increase in both quantity and quality.

As consumers shop more online, the value of purchases is increasing day by day. Also, they have become smarter consumers with proficient shopping skills. On the other hand, businesses have actively transformed digitally.

However, many difficulties and challenges remain. The origin of goods or safety and security of personal information are yet to be ensured. E-commerce logistics infrastructure has not yet kept pace with market growth. Consumers are not entirely confident when making online transactions.

Violation will be strictly handled

Leaders of the Department of E-Commerce and Digital Economy of Vietnam said that e-commerce development must not only focus on increasing scale but also green, sustainable development, and protecting human rights. At the same time, it must contribute to regional connectivity and narrow the development gap between regions.

Deputy Minister of Industry and Trade Phan Thi Thang emphasized that in 2024, the Ministry of Industry and Trade will continue to coordinate with the Departments of Industry and Trade and functional forces to strengthen inspection, supervision, and inspection of goods in the network environment. On the other hand, they will focus on enhancing information security and security in online transactions.

Thang also mentioned the importance of providing guidelines for organizations and individuals who own websites/e-commerce applications, so that they have updated information, policies, and supplement documents to follow the regulations effectively.

While conducting propaganda and dissemination of laws, the Ministry of Industry and Trade will also promote the fight against counterfeit goods in e-commerce and warn of violations in e-commerce. That includes building communication channels on social networking platforms such as Youtube, Tiktok, and Facebook.

The Ministry of Industry and Trade will promote coordination with the Ministry of Public Security, the Ministry of Science and Technology, the Ministry of Information and Communications and relevant units, said Thang, in inspecting units that comply with trade laws.

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