Viet Nam’s e-commerce sector to grow 20% this year
VGP - The business-to-consumer (B2C) e-commerce industry in Viet Nam is likely to grow 18-20 percent in 2024, according to the latest report by the Ministry of Industry and Trade.
Currently, as many as 116 foreign suppliers have registered, declared, and paid taxes through the electronic portal designated for foreign providers.
Cumulative State budget revenues from these foreign suppliers have reached VND19.774 trillion (US$790.96 million).
The direct tax revenue collected through the electronic portal this year has reached VND8.687 trillion (US$342.5 million), an increase of 26 percent compared to the same period last year, mainly from major e-commerce platforms such as Google, Meta (Facebook), Microsoft, TikTok, Netflix, Apple, and others.
Over the last 11 months of this year, organizations and individuals engaged in e-commerce activities paid approximately VND108 trillion (US$4.26 billion) in taxes, marking a 22 percent increase compared to the same period in 2023.
Viet Nam's e-commerce continues to maintain impressive growth, with an annual growth rate of 18-25 percent. In 2023, the nation's e-commerce recorded a growth rate of 25 percent, with a revenue of US$20.5 billion. It is forecasted that in 2024, the market size will exceed the US$25 billion mark./.
