Vietnam promotes sustainable development of e-commerce

(VOVWORLD) - E-commerce, a pioneering field in Vietnam's digital economy, is a key driver of the country's economic development. At a recent conference in Hanoi on Monday, focused on enhancing connectivity and data sharing to boost e-commerce and improve tax management, Prime Minister Pham Minh Chinh urged ministries, sectors, and localities to accelerate digital transformation and e-commerce development, delivering tangible benefits to both people and businesses.
Vietnam promotes sustainable development of e-commerce - ảnh 1(Photo: VNA)

In 2023, Vietnam's e-commerce market reached approximately 20.5 billion USD and is projected to grow to 30.5 billion USD by 2025. Vietnam is considered the country with the fastest e-commerce growth in Southeast Asia.

Positive Trends in E-commerce

Vietnam's e-commerce sector is growing robustly, becoming a vital component of the country's digital economy. Retail e-commerce sales have increased at an average annual rate of 20% over the past decade, placing Vietnam among the fastest-growing e-commerce markets globally and regionally.

In the first quarter of this year, the five largest e-commerce platforms in Vietnam—Shopee, Lazada, Tiki, Sendo, and TikTok Shop—reported total revenues of 2.8 billion USD, up nearly 79% over the same period last year. Nearly 770 million product units were sold. This growth is expected to continue, with second-quarter sales projected to reach over 3.3 billion USD, 19% more than the previous quarter.

Local businesses are also thriving, with both revenue and sales output growing by over 50%. This trend indicates that e-commerce is expanding beyond major cities and affecting provinces across the country.

Nguyen Van Thanh, Director of the E-commerce Development Center of the Department of E-commerce and Digital Economy of the Ministry of Industry and Trade, said: "Vietnamese e-commerce, particularly cross-border e-commerce, aligns well with global development trends. We need to enhance activities and participation on e-commerce platforms to increase the presence of Vietnamese products internationally. Cross-border e-commerce offers opportunities for manufacturers and small producers to export their products."

Vietnam promotes sustainable development of e-commerce - ảnh 2Prime Minister Pham Minh Chinh (Photo: VOV)

Future Directions for E-commerce Development

Recent e-commerce successes are attributed to the government and the Prime Minister's policies and regulations on improving state management of e-commerce and digital business activities. These efforts have fostered a healthy, competitive, and sustainable e-commerce market.

To further advance e-commerce development, Prime Minister Pham Minh Chinh called for the involvement of the political system, the public, and the business community. "We need to invest in and perfect institutional frameworks, create movements and trends to drive implementation, coordinate efforts, and  focus on priorities. It’s important to fine-tune legal frameworks and policy mechanisms, pilot new e-commerce models, and center e-commerce initiatives on people and businesses to ensure they benefit from the results. We also need to enhance transparency and participation by individuals and businesses."

The Department of E-commerce and Digital Economy of the Ministry of Industry and Trade plans to build an e-commerce platform connecting all 63 provinces and cities nationwide. This initiative aims to integrate local e-commerce platforms with major platforms, fostering a multidimensional trade environment, reducing regional disparities, and promoting widespread e-commerce adoption in businesses and communities. This will contribute to the creation of a healthy, competitive, and sustainable e-commerce market.