(VOVWORLD) - Its large scale and growing number of online consumers is making Vietnam's e-commerce market more attractive to foreign investors.
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Statista, a global data and business intelligence platform, says that by 2025 online sales will account for about 10% of Vietnam's total retail revenue. E-commerce revenue will reach 9 billion USD. The number of Vietnamese online consumers will also grow rapidly. It is estimated that by 2025, more than 70% of Vietnam’s population of 100 million people will be shopping online. Vietnam's 40 million current online shoppers spend an average of 210 USD per year, the second most among ASEAN countries.
The "SYNC Southeast Asia" report published last year by Facebook and consulting firm Bain&Company reported that 53% of online shoppers in Vietnam say they use multiple online platforms to find better products. American market research company eMarketer considers Vietnam one of the top 5 e-commerce growth countries in the world.
The development prospects of Vietnam’s e-commerce sector have attracted foreign investors, mostly from Japan, Germany, the US, South Korea, China, and Singapore. Tiki raised 130 million USD from NorthStar Group and JD.com.
Sendo.vn received 51 million USD from Japan’s SBI Holding. Grab and Gojek, two of Vietnam's most valuable startups, are considering a potential merger, which would have a major impact on Vietnam’s e-commerce industry.
With the entry of multinational companies, e-commerce is an important growth driver for Vietnamese logistics services, especially the international shipping industry. Korean logistics companies like Samsung SDS, Pantos, and CJ GLS have joined the Vietnamese logistics market and earned quite large profits. Some Vietnamese e-commerce companies have recognized a high demand for express delivery and are increasing their foothold in the e-commerce logistics sector.
The Vietnamese government's commitment to the digital economy has created leverage for e-commerce and attracted foreign investment in e-commerce industrial chains.