Vietnam’s e-commerce growth has ranked among the top ten fastest-growing e-commerce markets globally, with a market size of $20.5 billion in 2023 and an economic scale of $30 billion, placing it among Southeast Asia's top three. By 2025, the e-commerce market is projected to expand to $45 billion.
Speech by Director of the E-Commerce and Digital Economy Agency, Le Hoang Oanh
On the morning of November 26, Vietnam’s Ministry of Industry and Trade’s E-Commerce and Digital Economy Agency held the 2024 E-Commerce Development Forum in Hanoi, themed “Cross-Border E-Commerce: Opportunities for Exporting Vietnamese Products.”
During her opening speech, Director Le Hoang Oanh emphasized Vietnam’s remarkable e-commerce growth in 2023. According to a report from Amazon Global Selling Vietnam, Vietnamese businesses exported over 17 million products, achieving a 50% increase in export revenue and a 40% rise in sellers. Cross-border e-commerce grew by 28.5% year-over-year, reflecting the significant efforts of Vietnamese enterprises in leveraging digital platforms to expand into international markets.
Key statistics:
Vietnam ranks among the top 10 fastest-growing e-commerce markets globally.
In 2023, the e-commerce market reached $20.5 billion, with an economic scale of $30 billion, placing Vietnam in Southeast Asia's top three.
By 2025, the market size is expected to grow to $45 billion.
Le Hoang Oanh highlighted that cross-border e-commerce serves as a driver for online exports. A recent survey showed:
53% of businesses export through e-commerce platforms.
47% use websites or self-developed apps.
60% acknowledged that e-commerce accounts for 10-30% of their import-export turnover.
Additionally:
The number of buyers choosing Vietnamese products grew by 55%.
The volume of Vietnamese products on e-commerce platforms increased by 24%.
Government support has played a pivotal role, with initiatives like the National E-Commerce Development Plan (2021-2025 and 2026-2030) and training programs for online exports, along with solutions to support exporting enterprises.
Challenges for SMEs
Experts noted that cross-border e-commerce is becoming a critical export channel for Vietnamese goods to expand market reach. However, small and medium-sized enterprises (SMEs) in Vietnam face challenges, such as:
Limited understanding of market regulations and laws in target countries.
Insufficient information about overseas markets.
Language barriers, tariffs, logistics, and payment systems.
Insights from Yunnan Province, China
Liu Liang, President of the Cross-Border E-Commerce Association in Yunnan Province and a representative from the Yunnan Department of Commerce, praised Vietnam’s impressive e-commerce growth, with a 2023 market size exceeding $20 billion and an annual growth rate of 25%.
He highlighted Vietnam’s strong complementarity with the Chinese market, driven by young consumers and robust international online shopping demand. Vietnamese products like dragon fruit, cashews, and coffee already have a strong presence in China through cross-border e-commerce platforms in Yunnan. Future logistics and policy optimizations will further expand their market share.
Proposals for Enhancing Trade Cooperation
To boost trade cooperation between Vietnam and China, Liu Liang suggested:
Establishing a comprehensive e-commerce ecosystem, including improving logistics networks and building more bonded zones and sorting centers for faster customs clearance.
Using big data and artificial intelligence to analyze markets and help Vietnamese businesses better understand Chinese consumer needs.
VNPost’s Role
Pham Anh Tuan, Deputy General Manager of Vietnam Post Corporation (VNPost), presented the potential of cross-border e-commerce exports and Vietnam’s logistics infrastructure, alongside VNPost’s future development strategies.