Vietnam’s e-commerce export revenue is currently experiencing a remarkable annual growth rate exceeding 20 percent and is projected to reach VND296.3 trillion (US$12.6 billion) by 2027.
The forecast was released at the Vietnam Cross-border E-commerce Conference 2023 held in Hanoi on Wednesday by the E-commerce and Digital Economy Agency under the Ministry of Industry and Trade in collaboration with Amazon Global Selling, a program that enables merchants to list and sell their products across the world on U.S. e-commerce giant Amazon’s marketplaces.
In her remarks at the event, Lai Viet Anh, deputy director of the E-commerce and Digital Economy Agency, highlighted the flourishing global trend of cross-border e-commerce, which is gaining momentum in numerous countries worldwide.
“In Vietnam, the retail e-commerce sector demonstrates an annual growth rate of more than 20 percent annually,” Anh said.
With this impressive growth rate, Vietnam possesses immense potential for the advancement of e-commerce, she stated.
“We have implemented a range of diverse programs and training initiatives to expedite digital transformation, refine online export policies, and support businesses in expanding their global presence and achieving international success,” she noted.
According to a survey conducted by Access Partnership, a public policy consultancy, among 300 micro-, small-, and medium-sized enterprises (MSMEs) in the country, an overwhelming 86 percent of respondents believe that they would not be able to carry out export activities without e-commerce.
In addition, local MSMEs have set their sights on expanding their market presence to various countries, including the United States, Japan, and several European nations within the next five years.
The survey also showed that Vietnam’s e-commerce export earnings are anticipated to reach VND296.3 trillion by 2027, providing that local firms receive adequate support to accelerate the adoption of e-commerce in exporting their products and services.
According to Gijae Seong, CEO of Amazon Global Selling Vietnam, the export value of Vietnamese businesses utilizing Amazon as their platform experienced a significant growth rate of 45 percent in the past year.
So far, over 10 million Vietnamese products have been successfully sold to customers worldwide via the Amazon platform.
Seong added that numerous local companies are prepared to venture into online export, but they currently lack the necessary expertise to expand their export operations on a larger scale.
Highlighting their collaboration with Vietnamese government agencies and service providers, the Amazon representative emphasized that the event held on Wednesday aimed to provide support to online export businesses.
Seong also underscored that Amazon Global Selling is dedicated to fostering the growth of businesses in the Vietnamese market by equipping them with essential skills to thrive in the current global business landscape.