Mr. Nguyen Minh Hung, Deputy Director of the Department of Trade Management of Ho Chi Minh City’s Department of Industry and Trade, announced at a press conference. |
Information provided by Mr. Nguyen Minh Hung, Deputy Director of the Department of Trade Management of Ho Chi Minh City’s Department of Industry and Trade, revealed at a regular press conference on the economic and social situation in Ho Chi Minh City.
Regarding the evaluation of e-commerce revenue, online sales, and livestreaming during the year-end shopping season, Mr. Nguyen Minh Hung stated that in 2023, the Vietnamese e-commerce market is estimated to reach $20.5 billion, an increase of approximately $4 billion (equivalent to 25%) compared to 2022. Ho Chi Minh City alone achieved $4.7 billion, with a growth rate of 37%, the highest in the country.
In addition, the combination of shopping and entertainment activities on social media platforms such as Facebook and TikTok (livestream shopping) has also experienced strong and consistent growth. Among them, the growth of the TikTok shop platform stands out. Despite only appearing in mid-2022, TikTok shop now accounts for nearly 10% of total e-commerce sales.
However, Mr. Hung acknowledged that the e-commerce market still faces many challenges, such as counterfeit and low-quality goods, online fraud, and transactions without invoices. To address these issues, the Department of Industry and Trade is collaborating with other departments to develop the 2024 e-commerce plan, which includes 27 key tasks divided into two important groups: promotion and management.
Regarding the promotion group, Mr. Hung stated that e-commerce activities have posed fierce competition to traditional distribution channels. However, the Department’s standpoint is that traditional markets can fully adapt to digital transformation by combining direct and online sales, livestream selling, thereby leveraging the advantages of markets, such as the shopping culture of the people and readily available goods.
In the near future, the Department of Industry and Trade and the Department of Information and Communications of the City will enhance training and coaching for traders, integrate e-commerce activities into traditional markets, particularly through a series of livestream events at markets.
As for the management group, Mr. Hung mentioned that currently, e-commerce data is still general and not detailed enough, leading to difficulties for tax authorities in determining the source of goods and revenue. In the future, the Department of Industry and Trade will develop a data collection system for e-commerce transactions, inventory data, seller data, etc., in order to guide and support tax agencies and market management authorities in performing their key functions and focal points.
