Vietnamese e-commerce boasts highest annual growth in ASEAN

XINHUA – Vietnam’s e-commerce market has recorded an average annual growth of 16-30 percent over the past four years, the highest in the ASEAN region, local news agency VOV reported yesterday.

The report, citing OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information, indicated that the country’s cross-border e-commerce sector is expected to grow at a rate 2.3 times faster than traditional e-commerce between 2022 and 2025, with forecasts pointing to a 20 percent annual growth through 2026.

In Vietnam, TikTok Shop has a significant market share of 24 percent, making it the second largest e-commerce platform in the country.

Over the past five years, Vietnamese businesses have significantly expanded their international reach, with the number of products exported via international e-commerce platforms increasing by 300 percent.