Vietnam’s e-commerce market surpassed US$25 billion this 12 months after rising by 20% from 2023 and exceeding earlier estimates.
On-line stays a key distribution channel, particularly for agricultural merchandise throughout harvest season, and companies have achieved a breakthrough by leveraging e-commerce, based on a report by the Ministry of Business and Commerce.
It valuation of the e-commerce market locations Vietnam within the third place in Southeast Asia behind Indonesia ($65 billion) and Thailand ($26 billion), and likewise exceeded an earlier estimate of $22 billion by Google and its companions.
E-commerce accounted for 60% of Vietnam’s digital financial system this 12 months, and is a key progress pillar together with on-line tourism.
Different sectors that contributed to the digital financial system had been ride-hailing and meals supply and on-line media.
The highest e-commerce platforms are Shopee, TikTok Store, Lazada, Tiki, and Sendo, with new ones akin to Temu and Shein attempting to maneuver in available on the market this 12 months.
The ministry mentioned e-commerce fashions have gotten more and more advanced and numerous, and admitted a authorized framework to control them is missing.
For example, it identified, live-stream gross sales are at present ruled by normal e-commerce laws, which treats them as a mixture of promoting and gross sales actions.
However there are not any particular guidelines for live-stream sellers, account identification or the supervision of knowledge throughout reside periods, it mentioned.
The proliferation of counterfeit and substandard items stays a giant problem, notably as on-line violations develop extra subtle, it mentioned.
Managing cross-border actions poses difficulties resulting from insufficient laws, enabling platforms like Temu and Shein to enter Vietnam with out finishing authorized procedures, it mentioned.
This lack of oversight permits items from different international locations to enter Vietnam, affecting home producers, it mentioned.
It referred to as for the passage of an E-Commerce Legislation to boost authorities oversight, particularly of cross-border platforms.
Vietnam has practically 725,000 distributors on e-commerce platforms, with these distributors’ complete transactions exceeding VND75 trillion (US$2.95 billion), based on information from 439 platforms submitted to tax authorities.
Taxes on e-commerce actions elevated by 20% in 2024 to VND116 trillion.
