Vietnam’s e-commerce market will become the fastest-growing in Southeast Asia by 2026, head of Amazon Global Selling Vietnam Gijae Seong said.
Although global economies are recovering unevenly after the COVID-19 pandemic, cross-border e-commerce in the world, including Vietnam, has still witnessed breakthrough growth, he said citing a recent report while addressing the launch of Amazon Week in Hanoi on Thursday, according to Vietnam News Agency (VNA).
Statistics show that global e-commerce is forecast to expand by 28.4 percent annually between 2020 and 2027. Meanwhile, revenue from business-to-consumer (B2C) e-commerce in Vietnam is also expected to increase by over 20 percent each year.
Notably, within 12 months (from September 1, 2021, to August 31, 2022), Vietnamese sellers recorded impressive growth on Amazon, with nearly 10 million “Made in Vietnam” products delivered to global buyers via Amazon, Seong went on, adding the number of Vietnamese sellers on this online marketplace also surged 80 percent from a year earlier.
VNA added that Seong noted Amazon’s 2023 strategy for Vietnam will focus on continuing to improve the awareness and readiness for cross-border e-commerce in the country, helping build global brands for Vietnamese products, assisting logistics services to expand globally, improving seller experience, and contributing to startup development.
It also reported Lai Viet Anh, Deputy Director of the Vietnam E-Commerce and Digital Economy Agency (iDEA) under the Industry and Trade Ministry, said over the last 10 years, e-commerce in the country has continually grown by 25 to 30 percent while its size increased to US$13.7 billion in 2021. It has made up over 7 percent of the total flows of consumer goods and services and become a critically important distribution channel aside from traditional ones.
Despite the pandemic’s impacts in 2020 and 2021, e-commerce has still been flourishing in Vietnam. It is forecast to post double-digit growth this year to rank third in Southeast Asia, according to Anh.
In the time ahead, iDEA will step up cooperation with Amazon to create more chances for Vietnamese businesses and products to join the global market, the official added.
The Amazon Week is held in Hanoi on October 27 to 28 and in Ho Chi Minh City on October 31 to Nov 1. It will provide up-to-date and multidimensional information through roundtable discussions and workshops to help Vietnamese sellers explore export potential, expand their international market, and build up brands.
