In 2024, Vietnam's e-commerce will still record a growth rate of over 20%, continuing to affirm its pioneering role in the digital economy.
Successfully completed the Government's assigned goals
In 2024, the growth of the e-commerce market from direct transactions between businesses and consumers (B2C) reached more than 20%, completing the target assigned by the Government (18-20%).
According to the Department of E-commerce and Digital Economy (Ministry of Industry and Trade), Vietnam has witnessed proud developments in e-commerce. In 2023 alone, the scale of e-commerce reached 20.5 billion USD, the scale of the digital economy reached 30 billion USD, ranked in the Top 3 in Southeast Asia and is expected to reach 45 billion USD by 2025. Many forecasts that e-commerce will become the main driving force for the development of the digital economy.
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Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan speaks at the opening ceremony of Vietnam Online Shopping Day - Online Friday 2024. Photo: Department of E-commerce and Digital Economy |
It is worth noting that cross-border e-commerce is identified as a lever for online exports. It is forecasted that our country's online exports could reach 13 billion USD by 2027. With the strong support from e-commerce, Vietnam's online exports will move from the "Start-up" stage to the "Take-off" stage; opening up great opportunities for Vietnamese businesses.
Speaking at the opening ceremony of Vietnam Online Shopping Day - Online Friday 2024 held at the end of November 2024, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized: " In recent years, e-commerce in Vietnam has affirmed its pioneering role in the digital economy. Although the global and regional economies are still facing many challenges, Vietnam's e-commerce continues to maintain an impressive growth rate, reaching 18 - 25% per year. It is forecasted that in 2024, the market size will exceed the 25 billion USD mark, clearly demonstrating the sustainable development and potential of this sector "...
Assessing the Vietnamese e-commerce market, Mr. Nguyen Lam Thanh - TikTok representative in Vietnam, Vice President of Vietnam Digital Communications Association - said: E-commerce is part of digital transformation in the retail sector. The statistics of over 20 billion USD in retail revenue in the Vietnamese e-commerce market are not complete, but it shows that every year in Vietnam there is a very large number of orders on e-commerce platforms.
Experts say that the Vietnamese e-commerce market has been growing rapidly, and many new shopping trends will appear in the near future. In addition, the fact that e-commerce platforms are always launching massive shopping stimulus programs shows that the e-commerce "race" will become more and more fierce.
Evidence for the "blooming" of e-commerce platforms is the presence of 116 foreign suppliers nationwide registering, declaring and paying taxes through the electronic information portal for foreign suppliers, with budget revenue of up to 19,774 billion VND. The latest data shows that the revenue directly declared through the information portal this year alone reached 8,687 billion VND, an increase of 26% over the same period; including major e-commerce platforms such as Google, Meta (Facebook), Microsoft, TikTok, Netflix, Apple... In addition, in the 11 months of 2024, organizations and individuals with e-commerce business activities also paid about 108,000 billion VND in taxes, an increase of 22% over the same period in 2023.
Create a safe and transparent environment
As one of the powerful online tools that can help businesses develop and expand globally, however, e-commerce development also faces many challenges, especially for small, medium and micro enterprises, such as limited digital knowledge and skills; low competitiveness; lack of market information, issues related to legal barriers, tariffs, logistics, payments, etc.
Besides, there is also the issue of protecting consumer rights when buying goods abroad or buying domestically through e-commerce channels, how to deal with product complaints? Can tax evasion be prevented? Or protect consumer rights against competition from foreign goods?
To support the business community, the leaders of the Department of E-commerce and Digital Economy have assigned the E-commerce Development Center to research and develop the Online Export Ecosystem (Ecomex) with specific solutions, to realize the Government's orientation, joining hands to support Vietnamese enterprises to bring products with export potential to international markets through e-commerce. In addition, the Ministry of Industry and Trade also organizes cross-border e-commerce training programs, thereby improving capacity, disseminating new regulations, procedures and knowledge to businesses.
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Opening Ceremony of Vietnam Online Shopping Day - Online Friday 2024 |
At the same time, deploy solutions to support import-export enterprises in declaring C/O (ecosys.gov.vn) form Vsign and Service to support declaration of origin of goods; deploy solutions and programs to connect consumption of goods in the domestic market, promote exports through cross-border e-commerce; proactively provide information on activities, events, outstanding issues related to e-commerce, digital economic development of the Industry and Trade sector for the community to update and grasp information; organize regional linkage programs in e-commerce development; build and deploy a unified e-commerce platform for 63 provinces/cities (sanviet.vn), to connect and create a platform to support both sellers, buyers and digital platforms in providing goods, connecting services, gradually building a centralized online retail database throughout from the Central to local levels, helping end consumers buy quality products at reasonable prices.
Although it has developed and created a strong spread, in the context of deep integration and fierce competition, in order to protect consumers in cyberspace, in the coming time, the Ministry of Industry and Trade will continue to perfect the legal framework, closely follow the development of e-commerce in the world and in the country to promptly issue policies to manage and promote the development of e-commerce in Vietnam; at the same time, strengthen coordination with ministries and branches to create a safe, transparent and sustainable e-commerce environment.
Source: https://congthuong.vn/thuong-mai-dien-tu-khang-dinh-vai-tro-tien-phong-trong-nen-kinh-te-so-365667.html
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