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Sunday, June 16, 2024

Strong e-commerce growth forecast for 2024

The Saigon Times

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HCMC – Business-to-consumer sales in the e-commerce sector this year are projected to grow by almost 40% year-on-year to VND650 trillion (US$28.1 billion), according to a report by the Ministry of Industry and Trade (MoIT).

The report, jointly released by the MoIT’s Department of E-commerce and Digital Economy and the Vietnam E-commerce Association (VECOM), put B2C online sales last year at US$20.5 billion.

Rapid internet and smartphone penetration rates in Vietnam, at 70% and 60% respectively, ad the fast-growing middle class, are primary drivers of strong online shopping growth.

The Government has plans to prioritize infrastructure improvement, provide business support for e-commerce adoption, and bolster efforts to enhance consumer confidence in online transactions, as outlined in the national e-commerce development strategy until 2025.

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