The Vietnamese ecommerce market earned some US$9 billion last year and is expected to eventually overtake the Thai market, experts at a seminar agreed.
Speaking at the seminar themed “Ecommerce Development boosts Vietnam’s Digital Economy” on October 2, Dang Hoang Hai, head of the Ecommerce and Digital Economy Agency, said that the ecommerce sector is the highlight of the country’s digital economy.
Over the past few years, the sector has posted growth of 25%-30%, he stated.
At the seminar organized by the Economic Commission of the Party Cental Committee, Hai said that the agency had forecast the revenue of the local ecommerce market would amount to US$33 billion by 2025, when Indonesia and Thailand would earn US$100 billion and US$43 billion, respectively.
Many foreign experts have acknowledged Vietnam’s potential to surpass Thailand in the ecommerce field.
These experts’ predictions stem from the fact that ecommerce transactions in Vietnam currently account for a mere 4%-5% of the total transactions.
Hai pointed out that apart from enjoying a lot of opportunities, the local ecommerce market was also facing some challenges, such as limited online transactions. Most shoppers prefer using the cash on delivery method for their payments. Besides this, customer care services offered by ecommerce operators remain weak.
Addressing the event, Le Xuan Thanh, head of the Industrial Department at the Economic Commission, said that the Government expected the ecommerce growth to drive Vietnam’s digital economy.
The ecommerce sector is rising in Vietnam and holds great potential for strong growth. However, to exploit the country’s ecommerce potential, it is crucial to adopt an effective policy for the sector.
The seminar was aimed at collecting suggestions from organizations and enterprises to promote ecommerce development. Based on these suggestions, the Government will create the most favorable conditions for the ecommerce sector to expand. - Source: SGT -