Vietnam’s e-commerce market to surpass 17 bln USD in 2023
Vietnam’s e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 16.3 percent from 9.4 billion USD last year to 17.3 billion USD in 2023, data analytics company GlobalData forecast.
Vietnam’s e-commerce market is projected to grow 16.3 percent from 9.4 billion USD last year to 17.3 billion USD in 2023, according to GlobalData. (Photo: VietnamPlus)
Singapore (VNA) – Vietnam’s e-commerce market isprojected to grow at a compound annual growth rate (CAGR) of 16.3 percent from9.4 billion USD last year to 17.3 billion USD in 2023, data analytics company GlobalData forecast.
Singapore-based Business Times on March 10 cited aGlobalData report saying Vietnam’s e-commerce market has doubled over the pastfive years, with total online spending expanding from 3.9 billion USD in 2015to 9.4 billion USD in 2019.
“While the traditional payment instruments such as cash,cards and bank transfers are widely used for e-commerce purchases, consumerpreference for alternative payments is on the rise,” said Nikhil Reddy, a bankingand payments analyst at GlobalData. “There is a growing demand for faster andconvenient payment means, especially among tech-savvy millennials.”
According to a GlobalData survey, cash is still the most preferredpayment mode, making up 35.6 percent of e-commerce purchases. Alternativepayment solutions are gradually gaining ground, accounting for 15.5 percent.MoMo is the most preferred alternative payment in Vietnam, followed by PayPal.
Meanwhile, global firms are investing in Vietnamesee-commerce companies, looking to ride on the strong growth.
In 2018, Tiki received 5.3 million USD and 44. million USD funding from VNGCorporation and Chinese investor JD.com, respectively. In the same year, Sendosecured 51 million USD from SBI Group (a Japan-based financial services company) andother investors. Furthermore, Chinese e-commerce giant Alibaba invested anadditional 2 billion USD in Lazada, one of the leading e-commerce companies in thecountry./.
The size of Vietnamese e-commerce market is likely to hit 13 billion USD this year thanks to a large percentage of young residents and internet subscribers, according to insiders.
Shopee, a leading e-commerce platform in Southeast Asia and Taiwan, has come out on top as the most positively discussed e-commerce platform in Vietnam.
The General Department for Market Surveillance has recently set up a working team on e-commerce to deal with the increasing number of trade violations online.
Investment in Vietnamese start-ups is growing sharply with millions of dollars pledged in 2019 and the first two months of 2020, according to Singaporean venture capital firm Cento Ventures.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Vietnam’s e-commerce market is projected to grow 16.3 percent from 9.4 billion USD last year to 17.3 billion USD in 2023, according to GlobalData. (Photo: VietnamPlus)
