The e-commerce sector in Vietnam is predicted to remain the most stable and fastest-growing economic sector this year, according to the Vietnam Online Business Forum 2023 in Hanoi. Despite challenges from global and domestic economic conditions, the Vietnam E-commerce Association (Vecom) has forecasted that the sector will continue to grow by over 25% and reach a value of over USD20 billion. Vecom estimated that the retail e-commerce transaction scale comprised approximately 8.5% of total retail sales of consumer goods and services last year. The proportion of online retail sales of goods compared to total retail sales was about 7.2% last year, an increase from 6.7% in 2021. Meanwhile, social media platforms such as TikTok Shop have seen an increase in businesses choosing to operate on them, with 65% of businesses implementing business activities on social networks, according to Vecom.
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