According to Modor Intelligence, the scale of Vietnam’s e-commerce market is estimated to reach 14.7 billion USD in 2024 and is expected to increase to 23.77 billion USD in 2029. The compound annual growth rate (CAGR) over the forecast period from 2024 to 2029 is predicted to be 10.09%. In today’s article, Optimal FB will list the number of e-commerce users in Vietnam. Let’s follow along!
Number of e-commerce users in Vietnam
By the end of 2023, Vietnam has witnessed a boom in electronic payment services, with nearly 27 million active electronically opened payment accounts (eKYC). Of these, 12.9 million cards were issued and circulated also through eKYC. In particular, the number of active e-wallets has reached 36.2 million, accounting for 63.2% of the total of nearly 57.3 million e-wallets that have been activated, with the total amount of money on these wallets up to nearly 3 trillion VND. Meanwhile, Mobile Money has recorded impressive growth after two years of piloting. By the end of 2023, the number of registered accounts will be nearly 6 million, of which most are in remote areas and islands, accounting for nearly 70%. The total number of Mobile Money transactions in the year was about 47 million, with a total transaction value of over 2.4 trillion VND.
The Vietnam E-commerce Association said that the growth of the e-commerce market in 2023 is not only based on scale but also includes significant improvements in the quality of order fulfillment and last-mile delivery services. Many businesses have invested heavily in order fulfillment centers, applying high technology such as Swifthub’s Fulfillment Hub or N&H Logistics in the City. Ho Chi Minh City, to serve more effectively small customer groups in the centers of big cities. The appearance of these centers is expected to promote order fulfillment services in the future strongly. At the same time, two leading e-commerce platforms in Vietnam have also opened high-tech goods classification centers, contributing to improving the efficiency of the supply chain.
In addition, Vietnam’s last-mile delivery market is also becoming more vibrant with the participation of many businesses. According to a report from Allied Market Research, Vietnam’s express delivery service market reached a value of 0.71 billion USD in 2021 and is forecast to increase to 4.88 billion USD by 2030, with an increasing rate of Compound annual growth is about 24.1% in the period 2022-2030. Foreign express delivery businesses are also increasing direct investment in this market, increasing competition in price and service quality. The e-commerce and B2C delivery services are growing rapidly, while enhancing international trade services, creating sustainable growth for the Vietnamese market in the coming years.
The e-commerce market in Vietnam is not sustainable
Cross-border e-commerce is becoming a trend that cannot be ignored in Vietnam, according to the latest report. Especially since the outbreak of the COVID-19 pandemic, online export transactions between businesses and consumers (B2C) have become popular and grown strongly, while transactions between businesses and consumers (B2C) have become popular and grown strongly. Businesses (B2B) face many difficulties.
According to estimates by Access Partnership, by 2027, Vietnam’s export turnover could reach 5.5 billion USD if implemented as in recent years by small and micro enterprises. However, with a more synchronous and stronger deployment scenario from businesses and stakeholders, this number could increase to 13 billion USD. This shows the great potential that cross-border e-commerce brings to the Vietnamese economy. However, besides the rapid growth, Vietnamese e-commerce also faces significant challenges, emphasized by the E-commerce Association. Key factors include the digital divide, shortage of quality human resources, and negative impact on the environment.
A typical example showing the unevenness in e-commerce development is the gap between Hanoi and Ho Chi Minh City. Ho Chi Minh compared to other localities. These two big cities are still centers with more resources and economic potential than the suburbs, making the development of e-commerce here faster and stronger. However, other regions still do not have adequate support and development, causing imbalances in access to technology and business opportunities. In terms of human resources, although Vietnam has an increasingly improving education system, training high-quality human resources to meet the needs of e-commerce is still limited. Universities cannot provide enough skilled workers to serve the growing needs of businesses in this field.
The environment is also a concern as the increase in product packaging and shipping in e-commerce has a major negative impact on the environment. Management and recycling are not guaranteed well, leading to environmental pollution and increasing the risk of climate change. Despite rapid development, e-commerce in Vietnam still faces many challenges that need to be resolved to ensure sustainability and fairness in economic and social development. Improving technological capacity, investing in human resources, and protecting the environment will play an important role in promoting Vietnam’s e-commerce in the next stages.
In the article on Optimal FB, we have listed the detailed content most accurately. We hope that the information we have shared can help everyone learn about the number of users of e-commerce in Vietnam by 2023 and potential challenges in the e-commerce industry so that you can come up with the best solutions for your store.
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Frequently asked questions
Global e-commerce sales are witnessing impressive growth, becoming one of the key drivers of the digital economy. In 2023, worldwide online retail sales surpassed the $5.5 trillion mark, reflecting the continued increase in consumers turning to online shopping. Convenience, product variety, and quick delivery services have motivated consumers to prioritize this form of shopping. Large markets such as the US, China, and Europe continue to lead the trend, while emerging markets also record strong growth, contributing significantly to global sales.
The 2024 e-commerce report is expected to reflect notable trends and changes in the industry. Forecasts show that global e-commerce will continue to grow strongly, with online sales surpassing previous records. Factors such as the rise of the digital economy, the spread of online shopping, and the development of technology will play an important role in promoting the growth of e-commerce. in 2024. At the same time, new strategies in marketing and distribution are also expected to be applied by businesses to better grasp and serve the increasingly diverse needs of consumers globally.
