Vietnamese businesses have been enjoying breakthrough growth thanks to exportation through e-commerce exports.
The strong developments along with the impacts of the COVID-19 pandemic have unwittingly spurred and opened the way for many Vietnamese businesses to start cross-border sales.
According to a report released by Amazon, Vietnam’s cross-border retail sales increase over 20% annually, hitting VND75.4 trillion (US$3.3 billion) last year, and are projected to reach VND256.1 trillion in 2026.
Over 64% of the total sales are generated by micro, small and medium enterprises (MSMEs).
Notably, cross-border e-commerce is forecast to grow strongly in the Southeast Asian nation in the next five years.
According to statistics of Ninja Van Company – Southeast Asia’s leading logistics provider, Vietnamese products, mainly farm produce, handicrafts, furniture, home appliances and medical supplies, are being sold on international e-commerce platforms such as Amazon, JD.com, Alibaba and Shopee Global.
Dang Hoang Hai, Director of the E-Commerce Department under the Ministry of Industry and Trade, said the global B2C e-commerce revenue is expected to reach US$2.88 trillion in 2023. The e-commerce markets of Vietnam’s major trade partners such as China, Japan, the Republic of Korea and EU countries will increasingly open up opportunities for Vietnamese businesses with products suitable to their markets.
Taking advantage of thriving e-commerce markets will help businesses enter choosy markets they previously had no access to.
