E-commerce surpasses $25 billion.

The Vietnamese e-commerce market is projected to surpass $25 billion in 2024, representing a 20% increase compared to 2023 and accounting for 9% of total consumer goods sales.

A dramatic shift

The market has been witnessing a strong shift from traditional retail stores to e-commerce platforms. While e-commerce revenue from direct business-to-consumer (B2C) transactions in Vietnam was only around $8 billion in 2018, it surpassed $10 billion in 2019. Revenue continued to increase to $11.8 billion in 2020 and $16.4 billion in 2022. With revenue reaching $20.5 billion in 2023, B2C e-commerce revenue is expected to account for approximately 7.8-8% of total retail sales of goods and consumer services nationwide.

Speakers discuss at the 2024 Industry and Trade Digital Transformation Forum: Promoting Digital Transformation and Green Transformation towards Sustainable Development. Photo: Department of E-commerce and Digital Economy

In 2024, despite the global and regional economies still facing many challenges, Vietnam's e-commerce sector continued to maintain impressive growth, surpassing the $25 billion mark, a 20% increase compared to 2023, accounting for approximately 9% of the total retail sales of goods and consumer services nationwide.

E-commerce has developed into a crucial distribution channel, contributing to the development of supply chains and circulation both domestically and internationally; supporting the efficient consumption of large quantities of agricultural products and food for farmers and businesses, especially during harvest season. Many businesses have experienced breakthrough growth thanks to the application of e-commerce, with a significant increase in cross-border retail sales, including the participation of many small and medium-sized enterprises.

According to the Ministry of Industry and Trade , the e-commerce market currently accounts for two-thirds of the country's digital economy value, placing Vietnam among the top 10 countries with the fastest e-commerce growth in the world. This creates momentum for economic development and drives digital transformation in businesses. Notably, cross-border e-commerce is identified as a "lever" for online exports. Le Hoang Oanh, Director of the E-commerce and Digital Economy Department (Ministry of Industry and Trade), stated: "In the context of deep integration today, cross-border e-commerce has become an important channel for exporting goods, expanding the consumer market for Vietnamese goods ."

According to a report from Amazon Global Selling Vietnam, over 17 million products from Vietnamese businesses have been exported, with export value increasing by 50% and the number of selling partners increasing by 40%. Overall, cross-border e-commerce has grown by 26% compared to the previous year.

“ These figures clearly demonstrate the enormous potential and relentless efforts of Vietnamese businesses in leveraging digital platforms to expand into international markets ,” emphasized the Director of the Department of E-commerce and Digital Economy.

Protecting consumer rights in cyberspace.

Despite having established itself as a pioneer in the digital economy, e-commerce still faces challenges that need to be addressed, namely: controlling counterfeit goods, pirated goods, prohibited goods, goods infringing intellectual property rights, and substandard goods remains a complex issue.

In particular, livestreaming sales are a rapidly developing trend in e-commerce, but the legal regulations on e-commerce only generally regulate it as an advertising activity accompanying sales, without specific regulations on the entities participating in livestreaming; controlling cross-border e-commerce still faces many difficulties…

Livestreaming sales are a growing trend in e-commerce. Photo: Phuong Thao

To address existing difficulties and challenges, in 2025, the Ministry of Industry and Trade will research and propose the development of an E-commerce Law to institutionalize the Party's guidelines and policies, unify the legal system on e-commerce in relation to other laws, and ensure the consistency and uniformity of the legal system.

In addition, the plan will be finalized and submitted to the Prime Minister for promulgation, outlining the overall plan for the development of e-commerce for the period 2026-2030; addressing difficulties, obstacles, inadequacies, and limitations in the implementation of legal documents on e-commerce in the past, as well as aligning with the innovative trends brought about by information technology, which has transformed and reshaped all sectors of the economy, including e-commerce.

At the same time, we will strengthen decentralization and delegation of authority in state management at the local level; promote the statistical work on e-commerce activities; and continue to review, monitor, warn, and inspect violations in e-commerce, especially on cross-border digital platforms.

Continue to organize and implement propaganda and training activities to enhance the capacity of state management officials, the business community, and consumers in the online environment; promote regional linkages and trade connections through e-commerce, and encourage domestic businesses to participate in cross-border e-commerce as a useful export tool.

Experts believe that the Vietnamese e-commerce market has been experiencing strong growth, and many new shopping trends will emerge in the future. Furthermore, the fact that e-commerce platforms are constantly launching massive promotional programs indicates that the e-commerce "race" is becoming increasingly fierce. Therefore, it requires the concerted efforts of various ministries and agencies to develop comprehensive strategies and solutions aimed at goals such as protecting consumer rights; strengthening regional linkages; promoting green and sustainable development; and bridging the gap between localities and regions through digital platforms.

In its role, the Ministry of Industry and Trade will continue to improve the legal framework, closely monitoring the development of e-commerce globally and domestically to promptly issue policies to manage and promote the development of e-commerce in Vietnam. At the same time, it will proactively connect and share data among ministries, sectors, and localities, coordinate with the National Steering Committee 389, the Ministry of Public Security, etc., to exploit information and prevent counterfeit, fake, and substandard goods; and strengthen communication, updating and publishing information warning about fraudulent and deceptive practices in trade and the misuse of e-commerce to alert consumers.

Source: https://congthuong.vn/thuong-mai-dien-tu-vuot-moc-25-ty-usd-367292.html