3-18-2020, 15:34 GMT+7

E-commerce market to almost double by 2023: report

 

Vietnam’s e-commerce market is projected to grow to VND399.5 trillion ($17.3 billion) in 2023 from VND218.3 trillion ($9.4 billion) last year, according to GlobalData.

This represents a compounded annual growth rate of 16.3 percent, the British data and analytics company said in a report.

"Improving payments infrastructure, coupled with rising consumer confidence in online shopping and the availability of convenient payment solutions are expected to further drive e-commerce growth in Vietnam," Nikhil Reddy, banking and payments analyst at GlobalData, said. 

The e-commerce market has increased from VND90.1 trillion ($3.9 billion) in 2015 to VND218.3 trillion ($9.4 billion) in 2019.

Vietnam's e-commerce market value billion USD20152019202305101520GlobalData 2019 billion USD: 9.4

While the traditional payment instruments such as cash, cards and bank transfers are widely used for e-commerce purchases, consumer preference for alternative payments is on the rise, Reddy said.

"There is a growing demand for faster and convenient payment means, especially among tech-savvy millennials."

Cash remained the most preferred payment method in Vietnam, accounting for 35.6 percent in 2019, followed by cards (28.4 percent) and bank transfers (20.5 percent).

Most-used payment methods in Vietnam2019CashPayment cardsBank transfersAlternative paymentsGlobalData Payment cards percentage of consumers: 28.4

Alternative payment solutions are gradually gaining ground and accounted for a 15.5 percent share. 

Nearly 30 percent of Vietnam’s population shopped online between 2016 and 2020, with yearly sales being around $350 per person.

(https://e.vnexpress.net/)

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