Vietnam expects online shoppers to account for 55 percent of the population by the year 2025, with average spending projected to hit US$600 million a year, according to a government master plan on growing the domestic e-commerce sector for 2021-25.
Signed into effect by Deputy Prime Minister Trinh Dinh Dung on Friday last week, the master plan forecasts revenue from e-commerce in the buyer-to-customer (B2C) model to climb 25 percent to surmount $35 billion, or ten percent of retail sales and services nationwide.
Cashless payments and other online services are expected to facilitate more economic activity online.
The use of cashless payment is projected to surge 50 percent, and about 80 percent of the orders will most likely be delivered by third-party carriers by 2025, according to the master plan.
The plan aims to have 70 percent of e-commerce websites and platforms adopt electronic billing by 2025.
A shared database for e-commerce activities will also be developed and utilized.
Areas outside of the major cities of Hanoi and Ho Chi Minh City are calculated to contribute about 50 percent worth of the growth in retail e-commerce transactions in Vietnam.
The plan targets to have online shopping services available in at least 50 percent of Vietnam’s communes and equivalent administrative units.
By 2025, 80 percent of e-commerce websites are expected to be equipped with online ordering tools; 50 percent of small and medium-sized enterprises should have a presence on these e-commerce platforms; and 70 percent of electric, water, telecoms, and IT service providers should offer e-contracts to customers, allowing them to sign up and pay for services online.
E-commerce is gaining traction with the young, tech-savvy populace in Vietnam, being one of the most discussed sectors on social media in 2019, according to data from the firm YouNet Media.
According to reports from retail consulting firm iPrice, the five biggest platforms for e-commerce in Vietnam accumulated a total of 133 million visits in the first quarter of 2020.