It is forecast that the revenue of Việt Nam's business-to-consumer (B2C) online retail platforms will continue to increase strongly and may reach VNĐ650 trillion in 2024. — Photo vnexpress.net
The 2023 Việt Nam e-commerce report published by the Việt Nam E-commerce and Digital Economy Agency shows e-commerce recorded strong growth in recent years.
It is forecast that the revenue of business-to-consumer (B2C) online retail platforms will continue to increase strongly and may reach VNĐ650 trillion in 2024. Of which, the total revenue of the country’s top five e-commerce platforms may reach more than VNĐ310 trillion, equivalent to $12.4 billion, increasing about 35 per cent compared to 2023.
Việt Nam's B2C e-commerce revenue surpassed $10.8 billion in 2019 from $8 billion in 2018 and 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 made up about 7.8-8 per cent of the total retail sales of goods and consumer service revenue nationwide.
According to the e-commerce data platform Metric's 2023 online retail market overview report, there are 2.2 billion product units successfully delivered on the five largest e-commerce platforms in Việt Nam, including Shopee, Lazada, Tiki, Sendo and Tiktok Shop, increasing by 52.3 per cent compared to 2022. This is the strongest growth in the last three years.
In 2023, many new forms of shopping have developed strongly, typically the trend of live streaming and multi-channel sales has brought huge revenue to professional sellers.
Despite strong development, according to the Việt Nam E-commerce and Digital Economy Agency, issues related to ensuring the origin of goods, safety and security of personal information, e-commerce logistics infrastructure and consumer trust in online transactions are still problems that need to find more solutions for Việt Nam's e-commerce in the coming time.
The agency said that it is necessary to join hands with ministries and branches to come up with many overall strategies and solutions to promote e-commerce development towards goals such as protecting consumer rights; strengthening regional connectivity; green and sustainable development and narrowing the gap between localities and regions through digital platforms.
The Informatics and Digital Technology Centre under the Ministry of Industry and Trade currently has been implementing many solutions, such as implementing an origin traceability system to trace the origin of products, preventing fake and counterfeit goods, building online branding and marketing products in the online environment.
The establishment of a Flagship store model and local booths on e-commerce platforms also helps small and medium-sized businesses in localities distribute local products through digital platforms and narrow regional gaps.
The programme to support businesses exporting through cross-border e-commerce - Go Export also supported Vietnamese businesses in accessing and successfully exporting domestic products through major e-commerce platforms in the world. — VNS