Vietnam’s B2C e-commerce market has witnessed a growth rate of 18-20% in the first ten months of 2024, with projections indicating that the sector will exceed $25 billion by 2025, according to the Ministry of Industry and Trade (MoIT). In 2023, e-commerce revenues reached $20.5 billion, showing a 25% increase from the previous year.
The MoIT reports that 116 foreign suppliers, including major platforms like Google, Meta, Microsoft, TikTok, Netflix, and Apple, have registered and paid taxes through the electronic portal, contributing a total of VND19.8 trillion in revenue. The direct revenue from these declarations has seen a 26% rise this year.
Domestic platforms like Shopee, TikTok Shop, Lazada, Tiki, and Sendo continue to lead, while international platforms such as Temu and Shein have entered the market, also adhering to local tax regulations.
To further boost the digital economy, the MoIT has partnered with various ministries and businesses to establish standards for e-commerce infrastructure. This includes initiatives like the Vietnam Electronic Contract Development Hub and the KeyPay platform, designed to support e-commerce payments and facilitate government services.
The Ministry also aids businesses in adapting to e-commerce regulations and digital technologies, while promoting the consumption of domestic products and cross-border e-commerce exports. To combat fraud and maintain regulatory compliance, the MoIT works closely with market management agencies and law enforcement bodies.
Looking ahead, the MoIT plans to present a national e-commerce development strategy for 2026-30 and continues to organize initiatives such as National Online Shopping Week to foster e-commerce growth and raise awareness about online fraud.
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