E-commerce revenue grows 25% in 2019
Vietnam’s B2C e-commerce revenue rose by 25 percent to 10.08 billion USD in 2019, according to the e-Commerce White Book 2020 released by the Ministry of Industry and Trade (MoIT)’s e-Commerce and Digital Economy Agency (iDEA).
The number of online shoppers grew about 1.12% year-on-year to 44.8 million people last year from 39.9 million people in the previous year, says the book. Average spending for online shopping was US$225 per person, US$23 higher than in 2018.
Head of the iDEA Dang Hoang Hai said 2019 saw a big change of Vietnam’s e-commerce sector when the country was implementing the government’s master plan for e-commerce development between 2016 and 2020.
He noted that e-commerce has smoothed the way for the flow of goods and services and supported firms, especially small- and medium-sized enterprises, in seeking business opportunities in the era of international integration and the Fourth Industrial Revolution.
The book provides readers with an overall picture of Vietnam’s e-commerce industry from legal environment, logistics infrastructure, payment to use of e-commerce among businesses, exporters and people.
Vietnam has set a target that the e-commerce industry would grow by 25% per year to US$35 billion with more than half of the population shopping online by the end of 2025.
According to the e-Commerce White Book 2019, e-commerce revenue jumped 30% from US$6.2 billion in 2017 to US$8.06 billion in 2018.
The size of the local e-commerce market was expected to reach US$13 billion this year.
The e-Conomy SEA 2019 report by Google and Temasek predicted that e-commerce in Vietnam would expand 43% per year in the 2015-25 period, making it the fastest growing e-commerce market in the region.
Vietnam is now the second fastest growing e-commerce market in Southeast Asia, after Indonesia.