- Vietnam’s e-commerce revenue grew 18% last year, hitting US$11.8 billion
- Electronics, fashion, toys, and furniture among fastest growing sub-sectors
- This year the industry ministry plans to focus on developing the e-commerce infrastructure and creating a transparent and favorable legal environment for e-commerce
Vietnam’s e-commerce market is projected to continue its strong growth thanks to a big population, high percentage of young people, and growing number of internet users.
According to the Ministry of Industry and Trade (MoIT), Vietnam is currently considered one of the fastest growing e-commerce markets in Southeast Asia, reported state-run news agency VNA.
MoIT said about 53% of the population shopped online last year. Despite the impact of the COVID-19 pandemic, Vietnam’s e-commerce revenue grew 18% during the year, hitting US$11.8 billion and accounting for 5.5% of total retail sales of consumer goods and services nationwide.
Electronics, fashion, toys, and furniture are reportedly some of the fastest growing sub-sectors of the e-commerce industry.
This year the ministry plans to focus on developing the e-commerce infrastructure, building and completing e-commerce related institutions and legal framework, and creating a transparent and favorable legal environment for Vietnamese businesses and consumers.
It will also enhance the integration and sharing of electronic data on the handling of administrative procedures between the MoIT and the cities and provinces.
It will also promote the application of information technology (IT) and digital transformation in managing, operating, and finalizing platforms for e-government at the ministry.
Inspection and examination for any violations regarding e-commerce will be strengthened, especially for businesses and owners of e-commerce trading floors, to ensure the origin and intellectual property rights of goods sold via online platforms.
The MoIT said it has exerted effort to improve consumer confidence in e-commerce, strengthened the capacity of infrastructure systems and supporting services for e-commerce, promoted the application of e-commerce in key export industries, and developed e-commerce in localities.
The ministry said it also arranged for the application of blockchain technology in goods traceability for certain agricultural products to promote the export of farm produce in the context of the EU-Vietnam Free Trade Agreement (EVFTA) being ratified and coming into effect.
It has also supported businesses in applying digital technology in digital transformation, promoting online sales, setting up brand emails, and using smart sales and management software.
The ministry has worked to digitalize market information systems and upgrade the export support platform at ECVN.com, which is the first such platform in the country to support local businesses in exporting and seeking international partners.