Vietnam among top 10 countries globally for e-commerce growth

Head of the Ministry of Industry and Trade’s Europe-America Market Department Ta Hoang Linh said that Vietnam is now among the top 10 countries in the world in terms of e-commerce growth.

At today’s international conference with the theme "Promoting the export of Vietnamese goods to the international market through a cross-border e-commerce system" organized by the Ministry of Industry and Trade, many economic experts said that export has been more convenient thanks to e-commerce platforms and could reach nearly US$30 billion in 2024.

Ta Hoang Linh revealed that the revenue of e-commerce retail in Vietnam has maintained a growth rate of over 25 percent a year. It is forecast that the global e-commerce market will reach an estimated revenue of $7.4 trillion by 2025, and the growth rate of e-commerce retail revenue will be even higher.

According to current statistics from Amazon Global Selling Group, the number of products sold by Vietnamese businesses on Amazon has increased by more than 300 percent in the past 5 years. Thousands of Vietnamese SMEs are now exporting through Amazon; plus, the number of businesses with annual revenue over $1 million has skyrocketed nearly 10 times.

Through Amazon's platform, Vietnamese goods have the opportunity to reach more than 2 billion people online each year in North America, Europe and many other markets such as Australia, Japan, Singapore, and India.

According to Mr. Linh, the Ministry of Industry and Trade has directed Vietnamese trade counselors abroad to regularly update on consumer trends, needs, market potential, experience, and online export deployment processes to help Vietnamese businesses participate more deeply in cross-border e-commerce as well as introduce Vietnamese products and brands to customers worldwide.

He advised Vietnamese businesses necessarily to have a clearer view of the potential and opportunities that e-commerce brings. At the same time, Vietnamese businesses should quickly grasp the necessary knowledge and skills to bring Vietnamese products to the global market through cross-border e-commerce.

It is easily seen that in addition to the opportunities from new-generation free trade agreements, participating in the online export and import system and cross-border e-commerce channels is an effective solution which helps open up many opportunities for Vietnamese businesses to expand their customer base, increase market access, and enhance business capacity.

Source: Sai Gon Giai Phong News