Vietnam’s e-commerce market is expected to reach 20 per cent growth in the last quarter of this year, according to the Ministry of Industry and Trade (MoIT).
The ministry estimates that Vietnam’s e-commerce market will generate US$12 billion during the three months to December, providing the presence of Covid-19 remains under control.
From February through April of this year, 57 per cent of e-commerce businesses surveyed reported their revenue growth was below 30 per cent year on year with some even seeing negative growth. However, 24 per cent of businesses saw revenue increasing more than 51 per cent.
Despite the number of transactions increasing by 25 per cent, e-commerce revenue in the first six months dropped 6 per cent year on year due to a lower average transaction value.
In May, the Vietnamese Government passed the national e-commerce development master plan for 2021-25, targeting more than half of the population shopping online and an annual industry growth of 25 per cent. Cashless payments in e-commerce will make up 50 per cent of sales and about 70 per cent of transactions on e-commerce platforms will have electronic invoices.
The government is also aiming to reduce the number of e-commerce violations, including trade in smuggled goods, goods of unknown origin, goods infringing intellectual property rights and counterfeit goods. The ministry has already asked e-commerce platforms to review and remove nearly 223,600 sellers and more than 1 million products.