 Goods classification of e-commerce company Lazada (Photo: Tran Viet/ VNA) |
According to a study by Google, Vietnam’s digital economy is forecast to grow to 52 billion USD by 2025, an annual 29% increase from 2020, it said.
“Vietnam is at the beginning of becoming a digitalized society with a young population that loves technology,” said Ralf Matthaes, Managing Director of Ho Chi Minh City-based Infocus Mekong Research. “So all these companies are tripping over themselves to offer these services.”
A consortium led by Alibaba Group Holding Ltd. and Baring Private Equity Asia is investing 400 million USD for a 5.5% stake in Vietnamese conglomerate Masan Group’s retail arm. As part of a deal announced on May 18, Masan will team up with Lazada, Alibaba’s Southeast Asia e-commerce unit.
“The combination of Alibaba’s online retail expertise, Lazada’s e-commerce platform in Vietnam, and Masan’s leading offline network will be a strong catalyst to modernise Vietnam’s retail landscape,” said Kenny Ho, Alibaba’s head of investment for Southeast Asia.
Tiki is the nation’s largest homegrown e-commerce site among dozens of local online shopping platforms, including some operated by retailers who have set up their own websites.
