Vietnam's e-commerce market in 2024 will exceed 25 billion USD, growing 20% compared to 2023, accounting for 9% of total consumer goods.
Powerful Shift
The market has been witnessing a strong shift from traditional retail stores to e-commerce platforms. While in 2018, e-commerce revenue from direct transactions between businesses and consumers (B2C) in Vietnam only reached about 8 billion USD, by 2019, it had surpassed the 10 billion USD mark. Revenue continued to increase to 11.8 billion USD in 2020 and 16.4 billion USD in 2022. With revenue reaching 20.5 billion USD in 2023, the proportion of B2C e-commerce revenue accounts for about 7.8 - 8% compared to the total retail sales of goods and consumer services revenue nationwide.
 |
| Speakers discuss at the Industry and Trade Digital Transformation Forum 2024: Promoting digital transformation, green transformation towards sustainable development. Photo: Department of E-commerce and Digital Economy |
In 2024, although the global and regional economies still face many challenges, Vietnam's e-commerce will continue to maintain an impressive growth rate, surpassing the 25 billion USD mark, an increase of 20% compared to 2023, accounting for about 9% of the total retail sales of goods and consumer service revenue nationwide.
E-commerce activities have developed into an important distribution channel, contributing to the development of supply chains and circulation domestically and internationally; supporting the effective consumption of large quantities of agricultural products and food for farmers and businesses, especially during the harvest season. Many businesses have grown dramatically thanks to the application of e-commerce, cross-border retail sales of goods have increased, with the participation of many small and medium enterprises.
According to the Ministry of Industry and Trade, the current e-commerce market size accounts for two-thirds of the country's digital economic value, helping Vietnam enter the Top 10 countries with the world's leading e-commerce growth rate, creating momentum for economic development and leading digital transformation in businesses. Notably, cross-border e-commerce is identified as a "lever" for online exports. Director of the Department of E-commerce and Digital Economy (Ministry of Industry and Trade) Le Hoang Oanh assessed: "In the context of deep integration today, cross-border e-commerce has become an important channel for exporting goods, expanding the consumption market for Vietnamese goods ".
According to a report from Amazon Global Selling Vietnam, more than 17 million products of Vietnamese enterprises were exported, the export value increased by 50% and the number of sales partners increased by 40%. Overall, cross-border e-commerce grew by 26% compared to the previous year.
“ These figures are clear evidence of the great potential and continuous efforts of Vietnamese enterprises in taking advantage of digital platforms to expand international markets ,” emphasized the Director of the Department of E-commerce and Digital Economy.
Protecting consumer rights in cyberspace
Although it has affirmed its pioneering role in the digital economy, e-commerce activities still have problems that need to be resolved soon, namely: Control of counterfeit goods, fake goods, banned goods, goods infringing intellectual property rights, and poor quality goods is still complicated.
In particular, livestream sales are a rapidly growing trend in e-commerce, but legal regulations on e-commerce only regulate them in general, like an advertising activity accompanying sales, without specific regulations on entities participating in livestream; controlling cross-border e-commerce still faces many difficulties...
 |
| Livestream sales are a growing trend in e-commerce. Photo: Phuong Thao |
To solve existing difficulties and challenges, in 2025, the Ministry of Industry and Trade will study and propose the development of the Law on E-commerce to institutionalize the Party's guidelines and policies, the State's policies, unify the legal system on e-commerce in relation to other laws, and ensure the unity and synchronization of the legal system.
Along with that, the Master Plan for National E-commerce Development for the 2026-2030 period will be completed and submitted to the Prime Minister for promulgation; to resolve difficulties, obstacles, inadequacies, and limitations in the implementation of legal documents on e-commerce in the recent past as well as to adapt to the innovation trend due to information technology that has changed and reshaped all sectors of the economy, including the e-commerce sector.
At the same time, promote decentralization and delegation of power in local state management; promote statistics on e-commerce activities; continue to review, monitor, warn, and inspect violations in e-commerce, especially for cross-border digital platforms.
Continue to organize and implement propaganda and training activities to improve the capacity of state management officials, the business community and consumers in the online environment; promote regional linkage activities, trade connections through e-commerce, and encourage domestic enterprises to participate in cross-border e-commerce as a useful export tool.
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 "race" of e-commerce is becoming more and more fierce. Therefore, it is necessary for ministries and branches to join hands to come up with many comprehensive strategies and solutions, aiming at goals such as protecting consumer rights; strengthening regional connectivity; green and sustainable development; narrowing the gap between localities and regions through digital platforms.
| With its role, 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, proactively connect and share data between ministries, branches, localities, coordinate with the National Steering Committee 389, the Ministry of Public Security... exploit information, prevent counterfeit goods, fake goods, poor quality goods; promote communication, update, post information warning of fraudulent acts, commercial fraud, taking advantage of e-commerce to warn consumers... |
Source: https://congthuong.vn/thuong-mai-dien-tu-vuot-moc-25-ty-usd-367292.html
Comment (0)