E-commerce market value in Vietnam 2014-2023

In 2022, the Vietnam's e-commerce market value based on B2C revenue amounted to approximately 16.4 billion U.S. dollars, accounting for approximately 7.5 percent of the total retail sales of goods and services in the country that year. It was forecasted that the revenue of this segment would exceed 20 billion U.S. dollars by 2023.

Key figures of e-commerce in Vietnam

According to a survey conducted in 2022, over 60 percent of internet users in Vietnam reported having purchased a product or service online. The number of online shoppers in the country has been growing steadily in recent years, reaching over 57.6 million people in 2022. Alongside an increasing number of e-commerce users, the e-commerce sector has been recording fast growth in consumer expenditure across all product categories, from consumer goods to digital media, and online travel.

Digital payment in e-commerce

Parallel to the emergence of e-commerce, the digital payment sector in Vietnam has been expanding rapidly in the last couple of years. In 2022, the most popular usage of digital payments among people in the country was to pay for online purchases. Although cash is still the preferred method for e-commerce shopping, the popularity of this payment option has been decreasing in recent years. On the other hand, more and more consumers have turned to online payment methods, such as e-wallets and cards, which are expected to be the future go-to payment choice for e-commerce users in Vietnam.