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Here’s how e-commerce market in Vietnam will change by 2024

Dec 14, 2020

The Vietnamese government is making an accent on e-commerce sales and planning to develop this niche by 2025

Vietnam e-commerce

Here’s how e-commerce market in Vietnam will change by 2024. Source: pexels.com

GlobalData has found that e-commerce sales in Vietnam are expected to grow at a CAGR of 18.8% between 2020 and 2024 to reach $26.1 billion in 2024.

The report reveals that Vietnam is one of the fastest-growing e-commerce markets in the Asia-Pacific region. Its pushes by a young population, an increasing middle class, internet, and smartphone penetration. The COVID-19 pandemic and social distancing policy have further advanced e-commerce increasing. Thus, e-commerce sales in the country will grow by 30.3% reaching $13.1 billion by 2020.

The COVID-19, which triggered the fear of contamination, has resulted in change in consumer buying behavior. Shopping centers are being avoided to a large extent and instead, consumers are opting for the comfort and security of online platforms for their day-to-day purchases. The accessibility of products online, during the COVID-19 pandemic, has not only increased online sales but also converted several offline shoppers to online
Kartik Challa, Payments Senior Analyst at GlobalData

Also, Vietnam is pushing on e-commerce sales increasing in the country. In May 2020, the government has accepted the five-year National E-Commerce Development Plan 2021-2025. The plan aims to accelerate the development of the local e-commerce marketplace with a focus on customer perception, infrastructure, and associated support services.

We’ve reported that card payments in Taiwan are expected to increase at a compound annual growth rate of 7.6% and reach $200.2 billion in 2024.

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