2023 e-commerce revenue to exceed $20bln

Vietnam’s e-commerce sector is expected to post revenue of $20.5 billion in 2023, for an increase of 25 per cent year-on-year, according to a report from the Ministry of Industry and Trade (MoIT).

E-commerce remains one of the bright spots in Vietnam’s digital economic development, with growth of 20 per cent seen in 2022, according to the Vietnam E-Commerce Report 2023 released by the MoIT’s Vietnam E-Commerce and Digital Economy Agency.

B2C retail e-commerce revenue jumped from $8 billion in 2018 to $16.4 billion in 2022, accounting for 7.5 per cent of total retail sales of goods and services around the country.

The proportion this year is expected to come in at between 7.8 and 8 per cent of total retail sales of goods and services.

With 74 per cent of the population using the internet, it is estimated that Vietnam is home to 59-62 million online shoppers.

Figures show that the goods and services most sought after in online shopping channels include clothing, footwear, and cosmetics (76 per cent); home appliances (67 per cent); technological and electronics items (61 per cent); books, flowers, and gifts (53 per cent); and foodstuff (32 per cent).