A decade’s worth of efforts by the Vietnamese government to promote e-commerce are coming to fruition, with some in-country sites reporting growth of over 300% in the past year.
39% of the country’s 90m inhabitants now connected to the internet, with around half of these users regularly buying products online.
Social media sites are also popular places for shopping, with 53% of internet users buying through this route in 2014.
According to research carried out by the Ministry of Industry and Trade’s E-Commerce and Information Technology, shoppers spend $145 online on average. The average monthly wage in Vietnam is $185.
B2C e-commerce is now worth just over 2% of total retail trade in Vietnam (a total of $3 billion) and is likely to grow as internet-based payment methods gain traction. At present, most customers pay cash on delivery.
More than 350 websites have officially registered with the Ministry of Industry and Trade as e-commerce providers, but the E-Commerce and Information Technology Department estimates that the true number of companies offering online shopping is actually much higher. Selling online is increasingly popular with merchants, who save on rent and electricity and so are able to offer goods at more competitive prices.
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