According to the latest report from IMARC Group, a market research organization, Vietnam is expected to achieve a digital economy scale of 220 billion USD by 2030. Notably, e-commerce is emerging as a crucial driver, propelling the country’s assertion in Southeast Asia and attracting global investors’ attention.
Currently, Vietnam boasts one of the fastest-growing e-commerce markets in the region. E-commerce accounts for over 60% of the country’s digital economy structure, while the remaining portions are predominantly ride-hailing and online media services.
SEVEN FACTORS ATTRACTING FOREIGN INVESTMENT
As per IMARC, Vietnam’s e-commerce sector is anticipated to maintain robust growth, registering a compound annual growth rate (CAGR) of 28% during 2025-2033.
This development is primarily propelled by factors such as the surge in internet and mobile device usage, the expansion of electronic payment methods, and notably, a conducive legal environment. The Vietnamese government has implemented robust policies to encourage digital transformation, including the goal of reducing cash transactions to below 10% of total payments.
IMARC’s report also highlights that the robust growth of e-commerce transforms Vietnam into one of the most promising markets in Southeast Asia, driven by the following seven key factors:
Rising Internet and Mobile Device Usage: The remarkable development in internet and mobile device usage in Vietnam establishes a robust foundation for digital transactions.
Government Commitment to Digitization and Infrastructure Improvement: The Vietnamese government has demonstrated a strong commitment to digitizing the economy and enhancing broadband infrastructure. These policies, coupled with a tech-savvy young population, facilitate easy access to online services.
Advancements in Electronic Payments: Progress in the electronic payment system has enhanced security and user-friendliness. Electronic payments in Vietnam have made significant strides over the years.
AI and Machine Learning Evolution: The adoption of artificial intelligence (AI) and machine learning (ML) technologies in personalized marketing, predictive data analytics, and customer service automation has unveiled lucrative opportunities for businesses.
Logistics and Supply Chain Innovations: The boom in e-commerce and third-party logistics (3PL) services in recent years in Vietnam can be deemed a magnet attracting investors’ interest.
Cross-border E-commerce and Free Trade Agreements: The growth of cross-border e-commerce is significantly propelled by free trade agreements (FTAs) and special economic zones dedicated to the industry. This enables Vietnam to attract international investment and expand markets for domestic enterprises.
Growing Middle Class and Disposable Income: Vietnam’s middle class is expanding rapidly, with a trend of online shopping for both essentials and luxury items. This shift contributes to the expansion of the e-commerce market, creating substantial consumption for online retail platforms.
On the other hand, according to statistics from the State Bank of Vietnam, during the COVID-19 outbreak in 2020, the number of cashless transactions through payment methods increased by 72%, although the transaction value rose only 16%, mainly due to the trend of paying for small transactions. The stock market boom in 2021 boosted electronic payments, but the number of transactions increased only 36%, with the transaction value maintaining a 16% growth rate.
However, in 2022, as the lockdowns were lifted, electronic payments witnessed robust growth, surging by 89% in volume and 32% in value, signifying a pronounced shift in the payment habits of the populace.
A HUB FOR INTERNATIONAL INVESTORS
According to a survey by the global consulting firm Facebook and Bain & Company, Vietnam is projected to surpass other Southeast Asian nations and become the region’s fastest-growing e-commerce market by 2026.
Vietnam attracts not only regional investors but also garners significant interest from developed countries. E-commerce platforms such as Tiki, Sendo, and Thegioididong, coupled with investments from nations like Japan, the USA, Germany, South Korea, and Singapore, have fostered a robust e-commerce ecosystem in Vietnam.
Singapore, as a regional economic hub, is closely intertwined with Vietnam’s e-commerce market through prominent platforms such as Shopee and Carousell. Simultaneously, investors from South Korea, such as Coupang (dubbed the “Amazon of South Korea”), are also seeking to penetrate the Vietnamese market to leverage technology and logistics potential. Conglomerates like Samsung and LG are increasing their investments in Vietnam’s e-commerce infrastructure to promote their electronic products.
Another projection by the International Monetary Fund (IMF) indicates that Vietnam will rank third in the ASEAN region in terms of Gross Domestic Product (GDP) by 2025, with 571.12 billion USD, following Indonesia (1,630 billion USD) and Thailand (632.45 billion USD). Notably, Vietnam’s economy is predicted to surpass Thailand’s after 2028.
This growth trend is expected to provide a substantial boost to the development of Vietnam’s e-commerce sector. As consumer purchasing power increases and foreign investment pours in, Vietnam will solidify its position as a leader in the region’s digital economy.
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“Vietnam: The Rising E-Commerce Dragon of Southeast Asia”
The Vietnamese e-commerce market is projected to experience a compound annual growth rate (CAGR) of 28% from 2025 to 2033, underpinned by rising internet and mobile penetration, and the growing adoption of digital payments. The government’s digitalization agenda is also a key driver of this growth, setting the stage for a vibrant and dynamic online retail landscape in the country.
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