An online shopper visits an ecommerce platform. Vietnam’s ecommerce sector posted an impressive growth rate of 18% at US$11.8 billion in revenue in 2020 – PHOTO: THE SAIGON TIMES
HCMC – At US$11.8 billion in revenue in 2020, Vietnam’s ecommerce sector posted an impressive growth rate of 18% amid the coronavirus pandemic.
The value of the local ecommerce market, despite falling short of the previous forecast by US$14-15 billion, accounted for an estimated 5.5% of the country’s total retail sales of goods and services last year, according to the Ecommerce and Digital Economy Agency.
Vietnam was the only country in Southeast Asia to achieve double-digit growth in the ecommerce sector, Tuoi Tre Online reported.
Despite the impact of the ongoing global coronavirus pandemic, the health crisis turned out to be a push for the ecommerce sector, sending many firms which had never sold their products online to focus on online sales. Meanwhile, many customers also switched to online shopping.
However, market consumption was still heavily affected by the pandemic.
The number of online transactions surged, while the value of goods transacted via ecommerce platforms remained low. The pandemic also saw the online bookings of hotel rooms and flight tickets plunge.
The number of customers who visit ecommerce platforms every day is now some 3.5 million, up 150% year-on-year.
Given the 18% growth, the size of the local ecommerce market is expected to expand to US$26.1 billion in 2024, according to GlobalData’s E-Commerce Analytics.
The Ecommerce and Digital Economy Agency said that the management units are in the process of completing legal documents and policies to create a fair business environment and support ecommerce activities.
- Manulife Vietnam wins bronze at Asia eCommerce Awards
- ILO praises improvements in Vietnam’s revised Labor Code
- Xiaomi, ex-Amazon execs invest $700k in Pakistani fashion ecommerce startup
- DHL eCommerce Solutions doubles workforce and capacity in Malaysia
- Indian ecommerce platform FreshToHome nets $121m in series C round
- Thailand ecommerce startup N-Squared secures series A funding
- RS Components to launch eCommerce platform in Vietnam
- Jack Ma’s YF Capital leads $315m funding round in Chinese industrial ecommerce platform
- E-commerce growth of Vietnam achieves 18 percent in 2020