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Vietnam B2C retail e-commerce revenue to exceed $16 billion this year

Vietnam's B2C retail e-commerce revenue this year is estimated at US$16.4 billion, marking the first year to reach this landmark, reported the Vietnam E-Commerce White Book 2022.
Many attractive promotions on e-commerce site Shopee. — Photo vietnamplus.vn

A representative of the Vietnam E-commerce and Digital Economy Agency (Ministry of Industry and Trade) said that Vietnam E-commerce White Paper was built to provide a comprehensive view of the situation of the country's e-commerce application under the impact of the pandemic in the global e-commerce picture this year, along with new legal regulations taking effect.

Similar to previously published publications, this White Paper is built from the results of a survey of nearly 5,000 consumers and about 10,000 businesses, along with aggregate data from a number of reputable organisations around the world.

The COVID-19 pandemic has seriously affected trade and service activities of Vietnam and the world last year, said the Vietnam E-commerce and Digital Economy Agency.

The negative growth of some service industries accounted for a large proportion, reducing the overall growth rate of the service sector and the whole economy.

In that context, Vietnam's e-commerce still maintained a stable growth rate at 16 per cent, retail revenue reached $13.7 billion last year.

The proportion of e-commerce retail revenue in the total retail sales of goods and services reached 7 per cent, up 27 per cent over the same period in 2020.

Entering 2022, the Government's Decree No 85/2021/NĐ-CP dated September 25 last year amending and supplementing a number of articles of Decree No 52/2013/NĐ-CP dated May 16, 2013 on e-commerce officially came into effect.

The legal framework for e-commerce activities has been improved to meet development requirements, especially in the context of Vietnam's e-commerce growing rapidly and strongly in recent years, accounting for an increasing proportion in the domestic trade system, contributing to building trust for consumers, as well as ensure the management role of the State.

Vietnam's e-commerce value will reach $39 billion by 2025, ranking second in terms of e-commerce growth in Southeast Asia.

Total revenue of Vietnam's internet economy is forecast to reach $57 billion by 2025, second only to Indonesia. Vietnam also has the second highest percentage of consumers shopping online in the region, after Singapore.

In addition, according to data published in the Vietnam E-commerce White Paper 2022, it is forecast that Vietnam's e-commerce economy would see a number of annual records this year.

Specifically, it is estimated that for the first time, the number of online shopping consumers in Vietnam will reach 57 million people and may reach 60 million.

The value of online shopping for the first time reached $260 - 285 per person. The proportion of B2C e-commerce revenue will exceed 7 per cent, reaching from 7.2 per cent - 7.8 per cent market share in the total retail sales of consumer goods and services in Vietnam.

On a global scale, the Vietnam E-commerce White Paper 2022 forecasts that retail e-commerce revenue will reach $5.545 billion this year, up about 12.7 per cent.

It is forecast that this number would reach $7.385 billion by 2025. 

Source: Vietnam News

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