Vietnam E-commerce Market Size

Vietnam Ecommerce Market Analysis

The Vietnam E-commerce Market size is estimated at USD 14.70 billion in 2024, and is expected to reach USD 23.77 billion by 2029, growing at a CAGR of 10.09% during the forecast period (2024-2029).

In Vietnam, E-Commerce revenue continues to surge with the formation of new markets and the opportunities for growth for established markets. With their growing middle classes and lagging offline shopping infrastructure, East and Southeast Asia are expected to drive this trend.

• The Vietnamese government actively promotes a cashless society to lower cash transactions to less than 10% of total payments and reach 70% of the banking population. Recently the Vietnamese government approved a national e-Commerce growth master plan. This master plan perfectly aligns with current Vietnamese Fourth Industrial Revolution strategies and policies, with the overarching goal of establishing a digital economy and fostering national digital transformation.
• Moreover, the plan intends to encourage enterprises and consumers to use e-commerce, close the gap between major cities and localities, create a sustainable virtual market, and increase cross-border online trading. The Vietnamese government, in particular, is actively promoting a cashless society, intending to reach a cashless payment rate of over 50% by 2025.
• Vietnam has one of the most favorable legal environments in the ASEAN region. Five of the six pieces of legislation intended to regulate e-commerce activity have been passed in the country. The e-commerce sector has dominated the recent development of the country's transportation, distribution, and fulfillment services ecosystem.