Vietnam’s e-commerce continues to be one of the brightest economic sectors, achieving the fastest and most stable growth. These comments are made in the Vietnam E-Commerce Index Report – EBI 2023 recently published by the Vietnam E-commerce Association (Vecom). Today’s article, Optimal FB will help you learn about the scale of influence of Vietnam’s e-commerce market size. Do not miss it!
Vietnam e-commerce market size
In 2022, Vietnam’s economy will witness a strong increase in GDP with an increase rate of 8.0%, according to data from the General Statistics Office. In particular, the service sector has recovered and developed with a remarkable growth rate of 10.0%. Market service industries also recorded impressive numbers: wholesale and retail increased by 10.2%; The transportation and warehousing industry increased by 12.0%; and especially the accommodation and food service industry with the highest increase of up to 40.6%. Total retail sales of goods and consumer service revenue in 2022 will reach about VND 5,680 trillion, with a growth rate of 19.8%, when excluding the price increase factor of 15.6%.
The Vietnam E-commerce Association estimates that retail e-commerce will account for about 8.5% of total retail sales of consumer goods and service revenue by 2022. In the retail goods sector alone, the proportion The ratio of online retail sales to total retail sales of goods has reached about 7.2%, higher than 6.7% in 2021. Although e-commerce in Vietnam is growing at a rapid pace, quickly, but still only at the beginning of the process. Experts say that the development potential of this field is still huge. The year 2023 is facing challenges from general difficulties of the world economy and many unfavorable domestic factors, negatively impacting Vietnam’s economic and trade development, especially in the coming years last month of the year, and may extend into 2023. However, with growth momentum from the previous two waves, Vietnamese e-commerce is still forecast to maintain a growth rate of over 25% and reach a large scale of over 20 billion USD.
In 2023, according to data from the General Statistics Office, in the first 3 months of the year, total domestic product increased by 3.3% over the same period last year. Of which, total retail sales of goods and consumer service revenue are estimated at 1,505.3 trillion VND, up 13.9% over the same period last year, if not taking into account the price increase factor of 10.3%. The two service industries with the fastest growth are accommodation and food services (up 26.0%) and wholesale and retail (up 8.1%). The Vietnam E-commerce Association commented that the major difficulties of the economy from mid-2022 have lasted into the first quarter and may last until the end of 2023. However, in this context, e-commerce in The first quarter still recorded a growth rate of more than 22% over the same period, and the whole year is forecast to reach over 25%. E-commerce continues to be one of the brightest, fastest growing, and most stable economic sectors in the Vietnamese economy. However, compared to the global average, especially compared to China, the current rates are still very low. For example, in 2022 in China, the rate of online retail sales of goods accounted for 27.2% of total retail sales of goods, double that of 2016 and higher than the rate of 24.5% in 2021 in China. Vietnam. These numbers show that, despite growing at a rapid pace, Vietnamese e-commerce is still in the early stages of development. The potential to promote the development of this field is still huge, and this is highly appreciated by experts.
E-commerce business is increasingly growing
Vietnam’s e-commerce market has had notable developments in 2022 and the first quarter of 2023. According to the Vietnam E-commerce Association, business on e-commerce floors and social networks has become popular with 65% of businesses deploying business activities on social networks such as Zalo, WhatsApp, Viber, and Facebook Messenger. Selling on social networks is considered to be the most effective, surpassing other forms such as websites or business applications. Regarding e-commerce platforms, Vecom said that by 2022, 23% of businesses will sell products on these platforms. Metric Data Science Joint Stock Company recorded the total sales of the four leading e-commerce platforms with Tiktok Shop up to 141,000 billion VND (about 6 billion USD). Of these, Shopee and Lazada are the two largest platforms, while Tiktok Shop, although newly launched in mid-2022, has become the third largest retail e-commerce platform in Vietnam.
In addition to retail e-commerce platforms, there are B2B data technology platforms that connect small-scale traditional retailers with manufacturers or wholesalers, such as Telio Vietnam. Telio recorded sales of nearly 300 million USD in 2022, with growth of 140% over the previous year, and continued growth of 120% and 25% in sales and customers, respectively, in the first 3 months of 2023. Although the number of businesses with websites and mobile applications has not changed much, the rate of websites integrating online interaction features with customers reached 78%, with one in two websites using automatic chatbots. However, doing business on social networks and e-commerce platforms is still considered to have higher business efficiency, especially in the current economic market context.
In general, the e-commerce industry in Vietnam is undergoing rapid and strong changes to adapt to the new business environment, especially after the epidemic and in the context of the impact of the global economic crisis.
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 in learning about the market size. Vietnamese e-commerce and from these market potentials can create business opportunities and income development.
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Frequently asked questions
Global e-commerce revenue has seen significant growth in recent years, especially after the spread of COVID-19. According to the latest figures, the total value of e-commerce revenue globally in 2023 is forecast to exceed 6.3 trillion USD, an increase of 14.7% compared to the previous year. This shows a strong increase in demand for online shopping and a shift of consumers to an online purchasing model. Large e-commerce platforms such as Amazon, and Alibaba, and regional e-commerce platforms such as Shopee, and Mercado Libre play an important role in meeting this demand and at the same time expanding their global presence. The future of e-commerce seems to continue to grow strongly, especially in the context of ever-advancing technology and changing consumer shopping habits.
Vietnam’s e-commerce market report shows the industry’s outstanding development in recent years. According to the latest data, in 2023, Vietnam’s e-commerce market is expected to reach 20 billion USD in revenue, a sharp increase compared to previous years. Major e-commerce platforms such as Shopee, Lazada, and Tiktok Shop play an important role in driving this development, providing a platform for businesses and consumers to transact effectively and conveniently. In addition, social networking platforms such as Facebook and Zalo also actively contribute to expanding the market and enhancing the accessibility of businesses to consumers. Forecasts show that Vietnam’s e-commerce will continue to grow strongly in the coming time, meeting people’s increasing online shopping needs and promoting the country’s comprehensive economic growth.
