Value of Vietnam's business-to-consumer e-commerce export to reach USD5.8B by 2080
Date
12/17/2024 7:18:56 AM
(MENAFN) Vietnam's business-to-consumer (B2C) e-commerce export value is projected to reach 145.2 trillion Vietnamese dong (approximately 5.8 billion U.S. dollars) by 2028, with micro, small, and medium-sized enterprises (MSMEs) expected to contribute 25 percent of this total, according to a recent report by Vietnam News. This growth is driven by the expanding role of e-commerce in the country’s economy, with a strong focus on enabling MSMEs to tap into global markets. The data was shared during an e-commerce export seminar, highlighting the increasing importance of online trade for businesses in Vietnam.
However, Megan Lim, director of Economic Strategy at Access Partnership, pointed out several significant barriers that MSMEs face in expanding their investments in e-commerce. Among these challenges are high logistics costs, a shortage of skilled talent, and limited knowledge of foreign markets. These factors hinder the ability of smaller businesses to scale their operations and effectively compete in the global e-commerce space. Despite these challenges, the potential for growth in the sector remains substantial, with efforts needed to address these issues.
Vietnam's B2C e-commerce export value reached 86 trillion dong (approximately 3.4 billion dollars) in 2023, according to the Vietnam E-commerce Association. This reflects a robust performance in the sector, with Vietnamese businesses increasingly turning to online platforms to export goods. The country’s e-commerce growth rate in 2023 was impressive, surpassing 25 percent compared to the previous year, and the total e-commerce value reached 25 billion dollars, signaling strong momentum.
The online retail sector was a major contributor to this growth, amounting to 17.3 billion dollars in 2023. E-commerce now accounts for about 10 percent of Vietnam’s total retail sales of goods and consumer services, illustrating its growing significance in the country’s broader retail landscape. As Vietnam continues to embrace digital transformation, e-commerce is expected to play an even larger role in driving economic growth, particularly for MSMEs seeking new opportunities in the global market.
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