The e-commerce industry is on track to reach a revenue target of $35 billion in 2025

According to the Agency for E-Commerce and Digital Economy under the Ministry of Industry and Trade, over the past four years, Vietnamese e-commerce has recorded an average growth rate of 16% to 30% per year, the highest in the world (MoIT).

In the first quarter of the year alone, total sales on the country’s five largest e-commerce platforms – Shopee, Lazada, Tiki, Sendo and Tiktok Shop – reached approximately $3 billion, an increase of 78.69% compared to the same period from 2023. This growth rate therefore far exceeded expectations, as e-commerce sales were forecast to only increase by around 35% this year compared to 2023.

At the same time, a total of 766.7 million products were delivered to consumers over the last three months, which means an annual increase of 83.21%.

Thanks to a number of domestic consumption stimulus programs, post-Covid-19 consumers appear to have greater freedom, with online shopping increasingly becoming an essential part of spending habits. In addition to the general recovery of the economy, local companies increasingly believe in the development of the online retail market.

The continued development of digital infrastructure, coupled with the emergence of new technologies, is therefore contributing to helping businesses operate more effectively, while supporting stronger growth in the industry. Moreover, government policies aimed at encouraging increased development and improving the legal framework also create many sustainability benefits for companies operating in the industry.

Nguyen Thi Minh Huyen, deputy head of the Agency for Electronic Commerce and Digital Economy, points out that two government decisions – Decision No. 645/2020/QD-TTg on the development of domestic e-commerce for 2021 – 2025 together with Decision No. 749/ QD-TTg on the national digital transformation program by 2025 with a vision by 2030 – constitute the basis for the continuous development of e-commerce and the digital economy in the country.

According to her, the legal framework of the country’s e-commerce industry is increasingly being improved to benefit and protect users and businesses through the Electronic Transactions Act 2023 and the Consumer Protection Act 2023. To encourage businesses to engage in the economy, the government has introduced support policies in tax and finance, development of digital trade infrastructure, promotion of cross-border e-commerce and further research and development.

In the face of the rapid development of e-commerce services, the Ministry of Industry and Trade has set an ambitious target for the industry by 2025. Therefore, e-commerce will generate $35 billion in revenue, 55% of the population will engage in online shopping, while 50% will make cashless payments.

To create a fair competitive environment in the e-commerce industry, MoIT has implemented level four public services to manage e-commerce companies. It is also developing a national trade development strategy for 2026–2030, with particular emphasis on improving the overall competitiveness of enterprises and developing green e-commerce.

Recently, the E-Commerce and Digital Economy Agency signed a cooperation document with Amazon Global Selling, which aims to promote cross-border e-commerce activities of Vietnamese enterprises, while training and improving business services in the development of international trade.