The Ministry of Industry and Trade shakes hands with Amazon, revealing Vietnam’s 5th strongest export industry, which will grow 3 times by 2026
“Vietnam’s B2C e-commerce exports are forecasted to increase from $3.3 billion in 2021 to $11.1 billion in 2026.“, the report on cross-border e-commerce trends was first published by Amazon.
Report “Local Sellers, Global Consumers: Export Trends Through E-commerce in Vietnam” announced by Amazon at the signing event of a Memorandum of Understanding with the Department of Ecommerce and Digital Economy (iDEA) – Ministry of Industry and Trade, cooperate to implement the initiative “Cross-Border E-Commerce: Breakthrough Era”.
This is an initiative initiated by Amazon, sponsored by the Ministry of Industry and Trade, and is expected to last for 5 years with both face-to-face and online training programs across the country. The initiative aims to support the development of cross-border e-commerce human resources for 10,000 businesses in the period 2022-2026.
“The global e-commerce market is forecasted to have strong growth steps with an expected revenue of US$7.4 trillion by 2025.“, Mr. Nguyen Sinh Nhat Tan – Deputy Minister of Industry and Trade – said.
With opportunities from new-generation free trade agreements, the trend of switching from traditional business to digital platforms is becoming more and more popular and is considered an effective solution to help businesses penetrate and expanding export markets in the context that Vietnam is increasingly integrating deeply into the world economy.
However, Deputy Minister Tan said that there are still shortcomings and inadequacies with Vietnamese enterprises such as lack of information about relevant regulations on foreign markets, not being prepared to meet psychology and preferences. of foreign consumers, have not prepared marketing skills and knowledge, have not built a business orientation on cross-border e-commerce…
According to the report, cross-border e-commerce accounts for 36% of Vietnam’s total e-commerce revenue. Vietnam’s cross-border (B2C) retail sales of goods is estimated to grow by over 20% annually, reaching VND 75.4 trillion (US$3.3 billion) in 2021 and is expected to reach 256.1 thousand. billion VND (11.1 billion USD) by 2026.
“If “B2C e-commerce” is considered as an export industry, this will be the fifth strongest export industry in Vietnam in the next 5 years.“, Mr. Gijae Seong – CEO of Amazon Global Selling Vietnam – shared at the event.
According to the report, 88% of businesses surveyed in Vietnam consider e-commerce very important in their export activities, and at the same time, cross-border online retail sales will be higher than online retail sales. domestic.
In addition to the development opportunities, export turnover growth and potential market expansion thanks to cross-border e-commerce, there are still shortcomings for Vietnamese enterprises in terms of information and capacity. , costs, regulations…
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