Ecommerce in Vietnam to surge to USD 13-15 bln in 2020

Monday 10 June 2019 00:40 CET | News

Vietnam`s ecommerce growth is expected to surge to USD 13-15 billion in 2020, according to its Ministry of Industry and Trade.

Vietnams ecommerce growth reached 30% in 2018, with a total retail revenue of USD 8 billion.
According to a report of the ministrys Ecommerce and Digital Economy Agency, a quarter of 1,000 surveyed people make transactions through international and Vietnamese social networks such as Facebook and Zalo.

According to Xinhuanet, there are 64 million internet users in Vietnam, 57% of its population. With the increasing internet penetration, mobile devices and social networks, more and more individuals are using ecommerce. As the agencys report shows, the legal system and enforcement agencies are still weak. At the same time, cash payment and cash-on-delivery payment are still popular forms of transactions.

Vietnam is setting to make the rate of cash payment to be below 10% among all means of payment by 2020 and 8% by 2025, according to the countrys national plan on non-cash payment market development.

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Keywords: Vietnam, ecommerce, cash-on-delivery, cash payments
Countries: World