Viet Nam Among Top 5 Economies Leading in E-commerce Growth

10:20:56 AM | 8/16/2023

Viet Nam is among Top five countries recording the highest e-commerce growth in the world, according to the Center for E-commerce Development under the Viet Nam E-commerce and Digital Economy Agency (iDEA).

The news was revealed at a training workshop on promoting exports for Amazon businesses and traders in Ha Noi on August 10.

Director of the Center for E-commerce Development under the Viet Nam E-commerce and Digital Economy Agency (iDEA) Nguyen Van Thanh said that crossborder e-commerce is a booming trend in many countries around the world, including Viet Nam.

Crossborder e-commerce is considered a field that has great potential and matches with the digital economy development policy adopted by the Government.

The earnings of Vietnamese businesses selling items on Amazon increased by more than 45 percent in 2022.

The iDEA and Amazon Global Selling are working on the crossborder e-commerce initiative in a breakthrough era, aiming to support the development of human resources for crossborder e-commerce for Vietnamese businesses in the 2022 – 2026 period, so as to help improve the capacity and open up export opportunities for local businesses through e-commerce.

A large number of Vietnamese goods such as home decorations, blankets, bed sheets, interior decorations and kitchen utensils are preferred on Amazon.

According to the latest research from Access Partnership, Viet Nam’s e-commerce export revenue was forecast to rise to VND296.3 trillion (US$13.1 billion) by 2027 if local businesses are fully enabled and accelerate the rate at which they adopt e-commerce to export their products and services.

The research conducted on around 300 domestic micro, small, and medium-sized enterprises (MSMEs) in Viet Nam and it found that 86 percent believe that without e-commerce, they would be unable to export at all as they lack capacity.

Local MSMEs are also looking towards expanding their footprint in more markets such as the U.S., Japan, and European countries over the next five years.

Source: VGP