E-commerce market surpasses targets, expected $25 bln in 2025

According to the latest report from the Ministry of Industry and Trade, in the first 10 months of 2024, the e-commerce market, specifically business-to-consumer (B2C) transactions, has achieved the target set by the Government.

Vietnam's e-commerce sector has successfully met its 2024 goal of achieving a 18-20% growth in revenue from direct business-to-consumer transactions.

The market is projected to reach $25 billion in 2025.

The report indicates that, to date, 116 foreign suppliers have registered for tax declaration and payment through the electronic portal, with total contribution to the State budget reaching VND19.774 trillion ($778.67 million).

Of this, direct declarations account for VND8.687 trillion ($341 million), a 26% increase compared to the same period last year. Major platforms like Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple continue to contribute a significant portion of this revenue.

With the entry of international e-commerce platforms such as Temu and Shein, the Vietnamese e-commerce market is experiencing a strong increase in taxes from both organizations and individuals involved in the business.

The total tax collected from organizations and individuals operating in the e-commerce sector in the first 11 months of 2024 reached approximately VND108 trillion (nearly $4.25 billion), a 22% increase compared to the same period in 2023.

This growth rate not only demonstrates the development of the e-commerce industry but also proves that Vietnam is becoming an attractive market for foreign suppliers.

Furthermore, the domestic e-commerce market is also witnessing the rise of platforms such as Shopee, TikTok Shop, Lazada, Tiki, and Sendo.