Vietnam has a population of more than 95 million people, a large proportion of young people, and high Internet usage, which are the basic conditions for the growth of Vietnam’s e-commerce market.
The Ministry of Industry and Trade of Vietnam stated that in 2021, it will accelerate the advancement of the national e-commerce development master plan (2021-2025) that has been approved by the government.
The Ministry of Industry and Trade of Vietnam has applied block chain technology in the traceability of some agricultural products in order to enhance the brand awareness of Vietnamese agricultural products and increase its export to developed countries under the background of the approval of the Vietnam-Europe Free Trade Agreement (EVFTA) At the same time, it will create convenience for e-commerce-related logistics and distribution services, carry out digital transformation of market information systems, and upgrade Vietnam’s export support platform ECVN.com.
Data from the Ministry of Industry and Trade of Vietnam show that in 2020, e-commerce in Vietnam will attract about 53% of Vietnam’s population to participate in online shopping. Under the epidemic, the total amount of e-commerce transactions in Vietnam increased by 18% (25% in 2019), reaching US$11.8 billion; it accounted for about 5.5% of the total revenue of the country’s merchandise retail and service industries.
In Vietnam, e-commerce is a common business model for enterprises. In Southeast Asia, Vietnam has become one of the three countries with the fastest retail market share growth.
Since 2015, the average growth rate of the three major Internet economies in Southeast Asia has reached 35-36%. Among them, Vietnam has a growth rate of 36%, Indonesia has the fastest growth rate (41%), and the Philippines (30%) ranks third.