Vietnam's e-commerce scale to exceed 20.5 billion USD in 2023

Within the framework of the National E-commerce Week and the 10th Vietnam Online Shopping Day - Online Friday, this morning, December 1, the Department of E-commerce and Digital Economy (Ministry of Industry and Trade) organized the Vietnam E-commerce Development Conference with the theme: Sustainable e-commerce development. Speaking at the Conference, Deputy Minister of Industry and Trade Do Thang Hai said that e-commerce, from a concept that was still quite unfamiliar to consumers, has now continuously recorded outstanding growth at 16-30%/year and the market size is expected to reach 20.5 billion USD in 2023. In his speech, he said that from the early days, the Vietnamese e-commerce market had a simple interface, displaying products, services, and booths, and has now continuously recorded outstanding growth, becoming an important component of the digital economy in Vietnam. Besides positive results, e-commerce also faces many difficulties and challenges such as: Ensuring the origin of goods; ensuring safety and security of personal information; logistics infrastructure has not kept up with the growth rate of the market; consumer confidence in transactions...

Deputy Minister of Industry and Trade Do Thang Hai spoke at the Conference.

Over the past 10 years, the Ministry of Industry and Trade has always accompanied and solved difficulties and challenges in terms of awareness, trust, and supporting technology infrastructure, etc., thereby promoting the rapid and strong development of the Vietnamese e-commerce market. Referring to solutions for sustainable development of e-commerce in our country, Director of the Department of E-commerce and Digital Economy Le Hoang Oanh added that sustainable development for any field must include all factors such as: Positive and stable growth; ensuring balance and harmony of interests of stakeholders; meeting the trend of green development, environmental protection; human resources and especially protecting consumers, building consumer trust.

Ms. Le Hoang Oanh - Director of the Department of E-commerce and Digital Economy mentioned 5 factors promoting sustainable e-commerce development.

Also at the conference, representatives of the National Competition Commission informed about the policy of protecting consumer rights in the online environment. Difficulties and challenges in the field of e-commerce from the perspective of local management agencies, banks, payment organizations, e-commerce platforms, delivery businesses, etc. were also clarified. Many opinions at the conference also said that to promote the e-commerce market, the important factor is to build trust. For consumers, they need to have faith in the quality of goods, believe that their rights are protected when participating in shopping in the e-commerce market. Over the past 10 years, although the Vietnamese e-commerce market has grown very rapidly in quantity, the biggest reasons that consumers still consider obstacles when buying online are "poor quality compared to advertising", "not trusting the seller", "difficult to verify the quality of goods".

Signing ceremony of cooperation, participating in digital ecosystem, protecting consumer rights and subjects participating in e-commerce transactions.

Therefore, in addition to regular inspection, examination and supervision, opinions say that in order to change this situation, we need to continue to: Improve competition law in the e-commerce environment; improve legal regulations on consumer rights protection; regularly inspect, examine and supervise to promptly detect and handle violations; develop business rules and standards in the online environment. Within the framework of the conference, cooperation agreements were signed, participation in the digital ecosystem, and protection of consumer rights between management agencies, e-commerce platforms, payment intermediaries and banks.