E-commerce sector posts record growth in 2023

Vietnam experienced remarkable growth in its e-commerce sector in 2023, according to Ms. Le Hoang Oanh, Director of the Vietnam E-commerce and Digital Economy Agency at the Ministry of Industry and Trade.

Speaking at the 2024 E-Commerce Connection and Development Forum, with the theme “Cross-border e-commerce: Export opportunities for Vietnamese products” on November 26, she shared impressive figures reflecting the sector’s expansion.

According to a report from Amazon Global Selling Vietnam, over 17 million products were exported in 2023, with a 50 per cent increase in value and a 40 per cent rise in the number of selling partners. The overall cross-border e-commerce sector grew 28.5 per cent compared to the previous year.

These figures underscore the immense potential and ceaseless efforts of Vietnamese enterprises to leverage digital platforms and expand into international markets, Ms. Oanh added.

Vietnam ranks among the top performers globally and regionally, with e-commerce growth placing it in the top 10 worldwide. Market value reached $20.5 billion in 2023 and is projected to hit $45 billion by 2025.

Ms. Oanh also noted that cross-border e-commerce is a significant driver of online exports.

A recent survey revealed that 53 per cent of businesses engage in exports through e-commerce platforms, while 47 per cent use self-built websites or apps. Sixty per cent reported that imports and exports via e-commerce account for 10-30 per cent of their total trade.