Illustrative image (Photo: thanhnien.vn)Hanoi (VNA) – The revenue ofproducts sold through online business-to-consumer (B2C) retail model isforecast to surge in the coming time and reach 650 trillion VND (26.31 billionUSD) in 2024, according to the E-Commerce and Digital Economy Agency under theMinistry of Industry and Trade (MoIT).
Commenting on e-commerce growth in recent years, the agencynoted that in 2018, B2C revenue reached 10.8 billion USD, which was raised to11.8 billion USD in 2020 and 16.4 billion USD in 2022.
In 2023, the figure hit 20.5 billion USD, accounting for7.8-8% of the country’s total retail sales of goods and revenue from consumerservices in the year.
A report on online retail market in 2023 released bye-commerce data platform Metric showed that 2.2 billion items weresuccessfully delivered through five major e-commerce platforms in Vietnam, namely Shopee,Lazada, Tiki, Sendo and Tiktok Shop, a surge of 52.3% over 2022.
The e-Conomy SEA 2022 report by Google, Temasek, and Brain &Company, Vietnam was one of the countries recording highest e-commerce growth.The B2C revenue and sales volume in Vietnam are predicted to continueuptrend, with the five leading e-commerce platforms expecting to earn 310trillion VND in 2024, representing a year-on-year growth of 35%.
However, experts held that e-commerce activities in Vietnamhave still faced many challenges.
Do Huu Hung, CEO of Accesstrade Vietnam, said that thee-commerce market in Vietnam has formed systems of service supply to themarket, including basic technologies assisting e-commerce transactions, safee-payment systems, marketing services, online marketing, and delivery services.
The connections and sharing of the services have helpedoptimise the linkage between manufacturers and consumers. The establishment ofa sustainable ecosystem will be a foundation for e-commerce to continueexpanding in 2024.
However, Hung said that issues related to origin ofproducts, private information safety, logistics infrastructure serving e-commerceactivities yet to catch up with the growth of the market, as well ascustomers’ confidence are still challenges that Vietnam need to addressin order to promote the development of e-commerce in the future.
Experts underlined the need for the joint efforts of ministriesand sectors in designing strategies and measures to boost e-commerce, includingprotecting customers’ interests, promoting green and sustainabledevelopment, and narrowing gaps among localities and regions through digitalplatforms./.
Commenting on e-commerce growth in recent years, the agencynoted that in 2018, B2C revenue reached 10.8 billion USD, which was raised to11.8 billion USD in 2020 and 16.4 billion USD in 2022.
In 2023, the figure hit 20.5 billion USD, accounting for7.8-8% of the country’s total retail sales of goods and revenue from consumerservices in the year.
A report on online retail market in 2023 released bye-commerce data platform Metric showed that 2.2 billion items weresuccessfully delivered through five major e-commerce platforms in Vietnam, namely Shopee,Lazada, Tiki, Sendo and Tiktok Shop, a surge of 52.3% over 2022.
The e-Conomy SEA 2022 report by Google, Temasek, and Brain &Company, Vietnam was one of the countries recording highest e-commerce growth.The B2C revenue and sales volume in Vietnam are predicted to continueuptrend, with the five leading e-commerce platforms expecting to earn 310trillion VND in 2024, representing a year-on-year growth of 35%.
However, experts held that e-commerce activities in Vietnamhave still faced many challenges.
Do Huu Hung, CEO of Accesstrade Vietnam, said that thee-commerce market in Vietnam has formed systems of service supply to themarket, including basic technologies assisting e-commerce transactions, safee-payment systems, marketing services, online marketing, and delivery services.
The connections and sharing of the services have helpedoptimise the linkage between manufacturers and consumers. The establishment ofa sustainable ecosystem will be a foundation for e-commerce to continueexpanding in 2024.
However, Hung said that issues related to origin ofproducts, private information safety, logistics infrastructure serving e-commerceactivities yet to catch up with the growth of the market, as well ascustomers’ confidence are still challenges that Vietnam need to addressin order to promote the development of e-commerce in the future.
Experts underlined the need for the joint efforts of ministriesand sectors in designing strategies and measures to boost e-commerce, includingprotecting customers’ interests, promoting green and sustainabledevelopment, and narrowing gaps among localities and regions through digitalplatforms./.
VNA
