The e-commerce market is expected to be worth USD 14.7 billion in 2024

The Ministry of Industry and Trade said in a report that in 2023, the retail e-commerce market size increased by around USD 4 billion, up 25% from 2022, for reach 20.5 billion USD.

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This result highlights that e-commerce is increasingly becoming an important part of the digital economy in Vietnam, which is currently one of the ten countries in the world with the highest growth in e-commerce.

The e-commerce market size in Vietnam is estimated at USD 14.7 billion in 2024 and is expected to reach USD 23.77 billion in 2029, with a compound annual growth rate (CAGR) of 10.09% in during the forecast period (2024-2029), according to Modor Intelligence.

As people’s income increases, digital infrastructure develops, and the legal corridor becomes more and more favorable, many experts believe that Vietnam’s e-commerce market will continue to flourish even more in the near future.

In particular, after the pandemic, cross-border e-commerce was not only a “playground” for large companies, but also enjoyed wide participation of small and even micro businesses, which contributed to growth of Vietnam’s export turnover.

Modor Intelligence noted that Vietnam’s largest e-commerce platforms are expected to continue growing strongly in 2024, with revenue and sales volume exceeding 310 trillion VND (12.5 billion USD), a jump of 35 % compared to 2023.

The Vietnamese e-commerce market is on a strong growth trajectory, driven by increasing internet and mobile penetration. The shift to online shopping and advancements in digital payments will continue to create momentum for Vietnam’s e-commerce market to continue growing.

The government’s digitalization initiatives and proactive efforts by stakeholders to leverage technologies such as artificial intelligence and machine learning will enable Vietnamese consumers to make the purchasing process more personalized and convenient while helping businesses to improve their management capacity and optimize the costs of commercial activities.

The Ministry of Industry and Trade is currently working with exporting sectors to grasp production and export difficulties, diversifying awareness of tariff preferences under free trade agreements, and supporting localities to participate in promotion activities commercial.

It instructs Vietnam’s overseas trade offices to regularly update information on market rules and policies and promote market research, strengthen early warning and response to trade defense-related lawsuits.

VNA/CVN