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Vietnam’s ecommerce market was worth $5 billion in 2019, rising by 81% in 2015, and is predicted to reach $23 billion in 2025. Driving Vietnam’s ecommerce growth are progressive government policies, increased middle-income, tech-savvy consumers, and fast-growing internet usage. Online merchants would be wise to consider Vietnam for revenue growth as there is still room for internet access and online shopping to grow.
Revenue in the ecommerce market is projected to reach $6 million in 2020 and expected to show an annual growth rate of 7.7%, resulting in a projected market volume of $8.7 million by 2025. The market’s largest segment is electronics and media with a projected market volume of $1.6 million in 2020.
Cards are the most popular payment method in Vietnam, used for 34% of transactions. Digital wallets like Apple Pay and Google Pay are predicted to be the faster-growing payment method, increasing by 28% by 2021.
Southeast Asia was already a fintech and an ecommerce hub, but 2020 has seen a resounding increase in the speed with which the region accelerated toward online payments in ecommerce, riding the trend created by the Covid-19 pandemic swiftly into establishing a cashless society as the new norm.
Cross-Border Fulfillment: Landed Cost is Available.
In-Country Fulfillment: Not available