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Vietnam's e-commerce forecast to surpass US$11.8 billion

Vietnamese e-commerce market is forecast to continue growing in the post-pandemic period, with revenue surpassing last year's figure, according to experts.

The experts revealed the information at a workshop held recently on the future of the Vietnamese digital economy within the framework of Techfest Vietnam 2021.

E-commerce revenue in Vietnam hit US$11.8 billion last year, posting a growth rate of 18 percent.

Vietnam, e-commerce, post-pandemic period, Vietnamese digital economy, online purchases, e-wallets, online payment

E-commerce revenue in Vietnam hit US$11.8 billion last year, posting a growth rate of 18 percent.

Nguyen Thi Thanh Thuy, head of e-commerce division of Voso E-commerce Platform, said that the Vietnamese e-commerce market recorded the fastest growth rate in Southeast Asia.

E-commerce is expected to continue booming after the Covid-19 pandemic is controlled, creating new consumption trends. The demand for online purchases through e-commerce platforms has increased sharply since the outbreak of the pandemic.

Up to now, more than 70 percent of Vietnam's population have accessed the Internet, of which nearly 50 percent of consumers have tried online shopping and 53 percent of them have used e-wallets and online payment.

Thuy said that consumers' habits have completely changed during the pandemic, as they have reduced shopping activities and instead they have focused on essential goods and been interested in Vietnamese commodities.

Tran Chi Dung, Head of Technology-Innovation Division of the Vietnam Logistics Business Association, said that a change in shopping habits has created great opportunities for e-commerce to develop. However, Vietnam's e-commerce still faces many challenges such as consumer trust when buying online products, forms of delivery and payment, information security and transportation infrastructure.

Le Thi Mai Anh, Head of the E-commerce Postal Sales Department at Vietnam Post, said the rapid growth of the market is forecast to continue in the future. This growth will not only bring about major opportunities but also challenges for the development of logistics platforms to meet the increasing demand of customers and the market.

Logistics enterprises for e-commerce are also facing a low rate of information technology application in e-commerce logistics, she said.

Currently, only about 11 percent of businesses are applying basic information technology related to tracking and tracing goods, delivery and warehousing systems. Another challenge is the absence of a legal framework for e-commerce logistics, Anh said.

Over 9,000 tonnes of farm produce consumed on e-commerce platforms
(BGO) – More than 9,000 tonnes of farm produce in the northern province of Bac Giang have been sold on e-commerce platforms including over 7,000 tonnes of lychee and various OCOP products of Ven village tea, Chu rice noodle, corn wine, herbal mushroom..., 1,000 fold increase comparing to the figure last year, said Tran Quang Tan, Director of the provincial Department of Industry and Trade (DoIT).
 
E-commerce platforms support farmers to consume OCOP products
(BGO) – Now the lychee season ends, some e-commerce platforms such as Sendo.vn, Voso.vn, Postmart.vn... continue supporting the farmers in Bac Giang province to sell various farm prodce. Most of the products are One Commune One Product (OCOP) like Chu rice noodle, Yen Dung fragrant rice, dried lychee, Son Dong wild honey...
 
E-commerce platforms to be connected with tax agencies from next year
E-commerce platforms must be electronically connected with tax management agencies from the beginning of next year, not from next month, as the tax watchdog aims to better collect taxes from sellers operating on the platforms.
 
Farm produce reach Europe via Vietnam’s e-commerce platform
Over three tonnes of Bac Giang lychees meeting GlobalGAP standard recently passed customs clearance at Frankfurt airport, Germany thanks to a transaction via the Vietnamese e-commerce platform Voso.
 
Vietnamese lychees reach EU consumers through e-commerce platform
More than three tonnes of lychee from the northern province of Bac Giang has been exported to Germany via the e-commerce platform Voso.
 

Source: NDO/VNA

Vietnam, e-commerce, post-pandemic period, Vietnamese digital economy, online purchases, e-wallets, online payment
 
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