HANOI (XINHUA) – Vietnamese consumers buy online products up to four times per month, which shows that Vietnam boasts huge potential for e-commerce development, said director of the Department of Digital Economy and Digital Society Tran Minh Tuan under the Ministry of Information and Communications.
Vietnam owns the potential thanks to a market of 100 million people, or 1.23 per cent of the world’s population, and its location next to large markets such as China, India, and the Association of Southeast Asian Nations (ASEAN) countries, Tuan said at the Vietnam Digital Industry and Trade Summit 2024 yesterday. He said Vietnam looked to transform wholesale and retail sale from physical stores to digital stores in order to earn higher values and increase efficiency.
According to the latest e-Conomy SEA report released by Google, Temasek, and Bain & Company, Vietnam’s digital economy is projected to reach USD36 billion in 2024, up 16 per cent from the previous year.
The e-commerce market remains a key pillar of Vietnam’s economy, contributing USD22 billion, up 18 per cent year-on-year, and accounting for 61 per cent of the total digital economy, said the report.
