Vietnam e-commerce report 2020 has reached $11.8 billion, rising 18% from the previous year and accounting for 5.5 percent of overall retail sales.
This article is collected by Boxme, cited in Vietnam.net
According to a report by the Ministry of Industry and Trade’s Department of E-commerce and Digital Economy, 53% of the population has joined the online retail market, boosting the e-commerce sector’s growth by 18% to $11.8 billion and accounting for 5.5 percent of total retail sales in Vietnam.
In Southeast Asia, Vietnam e-commerce report 2020 is the only country with a double-digit e-commerce growth rate. The COVID-19 pandemic has given e-commerce a significant boost, pushing numerous firms to go online and luring first-time online buyers.
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The pandemic, however, continues to have an impact on purchasing power. When compared to the same time last year, the volume of transactions has skyrocketed. Nonetheless, sales growth is slowing as buyers choose lower-cost alternatives. The pandemic also caused a significant decline in internet flight and hotel reservations.
According to the Vietnam e-Commerce Association, online shopping traffic in Vietnam has increased by 150 percent over the previous year, with daily visits to e-commerce sites reaching 3.5 million (VECOM).
According to Google, Temasek, and Bain & Company’s e-Conomy SEA 2020 report, Vietnam e-commerce report 2020 has caused tremendous growth in Vietnam, with a 46 percent increase, as well as robust growth in most industries except travel. Looking ahead to 2025, the total economy is expected to be worth $52 billion, with a compound annual growth rate of roughly 29%.
According to the Department of E-commerce and Digital Economy, the management unit is rushing to finish regulations and legal documents in order to foster the growth of e-commerce platforms.
The Ministry of Industry and Trade is now consulting on a draft decree modifying Decree No.52/2013/ND-CP on e-commerce, which is believed to feature a number of adjustments to suit new market trends. The draft decree, however, continues to elicit varied reactions.