“A small number of e-commerce platforms dominate the market, with profit shared among these giants, instead of being evenly distributed among all market participants,” Dr. Huynh Thanh Dien said in an interview with The Saigon Times. A blossoming industry with hidden challenges The Saigon Times: According to the HCMC Tax Department, there were 90,204 organizations and individuals active in e-commerce in HCMC in 2023, representing 0.08% of the city’s population. Are you surprised by this figure? What does it say about HCMC’s e-commerce market? Dr. Huynh Thanh Dien: E-commerce can be understood as a form of trade where transactions are conducted online. Vietnam began establishing a legal framework for e-commerce in the early 2000s, with significant investments in internet and telecom infrastructure, especially in major cities like HCMC and Hanoi. However, the real surge in e-commerce happened during the Covid-19 pandemic, which forced people to migrate to online transactions. This convenience has attracted consumers and encouraged businesses to focus more on e-commerce. HCMC has been at the forefront of this e-commerce trend. The city’s e-commerce revenue last year amounted to US$6.2 billion, making up 29% of the nation’s figure. Sales, calculated by warehouse location, reached US$4.7 billion, accounting for 23% […]
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