Over 55% of Vietnam’s population expected to shop online by 2025

Quang Minh Tuesday | 05/19/2020 10:45

Revenue of business-to-consumer sales is projected to increase to $35 billion by 2025. Photo: VIR

Revenue of business-to-consumer sales is projected to increase to $35 billion by 2025, accounting for 10% of the country’s total retail sales, according to master plan on national e-commerce development through 2025.

The government expects that 55% of the population will do online shopping by the year, with an average per capita consumer spending rising to $600 by 20205 from $202 in 2018.

The country’s e-commerce size was estimated at $80.6 billion in 2018, an increase of 30% from a year earlier, the White Paper of the Ministry of Industry and Trade’s Department of E-Commerce and Digital Economy said.

With a steady and strong growth rate since 2015, the size of the e-commerce market is expected to expand to $13 billion in 2020.

E-commerce is considered among the pioneering sectors of the digital economy which contributes to modernizing the distribution system, raising businesses’ competitiveness, and fostering the domestic market and exports, the report says.

Under the plan, cashless payments will reach 50 percent, of which those made via third-party payment service providers will make up 80 percent of the total.

Economic zones and localities aside from Hanoi and Ho Chi Minh City are forecast to account for 50 percent of the value of the total B2C transactions across the country.

Vietnam also wants 80 percent of the e-commerce websites to have online booking functions and 50 percent of the small- and medium-sized enterprises operating on e-commerce platforms, including those on social media sites.

► Vietnam’s e-commerce market to surpass $17 billion in 2023

Source: VGP, VietnamPlus