E-commerce revenues near US$12 bln in 2020

VGP – Viet Nam’s e-commerce revenues in 2020 reached US$11.8 billion, up 18% and making up 5.5% of the nation’s total retail sales and service revenues, according to the Viet Nam e-Commerce and Digital Economy Agency, under the Ministry of Industry and Trade.

January 20, 2021 5:02 PM GMT+7

Viet Nam’s e-commerce revenues in 2020 reach US$11.8 billion.

Around 53% of the nation’s population have involved in online retail commerce of goods and services.

Viet Nam has been ranked among top three nations in Southeast Asia with the highest growth of retail sales, posting the growth of 36%.

According to the latest report by Google, Temasek, Bain & Company, despite the headwinds from Covid-19, Southeast Asia’s internet economy remains resilient as it’s set to grow to US$105 billion by the end of 2020, increasing by 5% from US$100 billion last year,.

The e-Conomy SEA 2020 report attributes this to the rise of online users in the region. Around 400 million people or 70% of Southeast Asia’s population is now online, jumping by 40 million since 2019.

Viet Nam saw the largest rise in new digital consumers, followed by Indonesia and the Philippines, the report highlighted.

The report also found that while the internet economies in Malaysia, the Philippines, and Thailand recorded a single-digit growth of 6% to 7% from last year, Viet Nam and Indonesia continued to grow at 16% and 11%, respectively.

By Thuy Dung