“Over the last four years, approximately 1 billion USD in funding has poured into Vietnam's e-commerce sector, reaching a record high in 2019,” the Singapore-based news outlet said.

Sendo.vn is among Vietnam's most popular e-commerce platform.

The last two years has seen the emergence of Vietnamese e-commerce players, such as Tiki, Thegioididong and Sendo, which are among the most successful e-commerce platforms in the region, it said.

According to the report "Vietnam's booming e-commerce market" released by ISEAS Yusof Ishak Institute last week, the greatest potential of Vietnam's e-commerce sector can be seen via its enormous expansion, which is predicted to reach 15 billion USD in terms of revenue in 2020.

In revenue terms, Vietnam’s e-commerce surged 30 percent in 2018 to reach a new high of about 8 billion USD. User penetration was recorded at about 56.7 percent in 2019 and is expected to reach 64.4 percent in the next four years.

If the sector can keep its current growth rate of 30 percent, its market size might hit 33 billion USD by 2025, ranking third in Southeast Asia, after Indonesia (100 billion USD) and Thailand (43 billion USD), said report author Dang Hoang Linh, who is Dean and senior lecturer of the Faculty of International Economics, the Diplomatic Academy of Vietnam.

The logistics and delivery business also saw a phenomenal growth rate of 70 percent amid intense competition in 2018. They are also investing heavily in advanced technologies, such as automatic item sorting and big data.

Regarding the supporting legal framework, compared to other ASEAN countries, Vietnam has a relatively favourable legal environment for the development of e-commerce, with five out of six main laws fully enacted to regulate e-commerce activities.

Macroeconomy continues to be stabilised

The economy posts a high growth rate, the growth quality continues to be improved, macroeconomic stability is steady.

Vietnam, RoK work together toward green economy

The Vietnam Association for Conservation of Nature and Environment (VACNE), in coordination with the Korea Environmental Industry Association (KEIA) of the Republic of Korea, held a forum on Vietnam-RoK environmental cooperation in Hanoi on October 24.

Rural economy grows steadily

Rural economy grows steadily in different categories during the 2016-2020 period.

Vietnam shortens gender gap in politics, economy

Vietnam has recorded gender equality achievements in political and economic sectors since the Law on Gender Equality took effect.

Developing collective economy must start from people’s demand

Prime Minister Nguyen Xuan Phuc stressed that developing the collective economy must start from people’s demand, during a teleconference in Hanoi on October 14 reviewing the 15-year implementation of the resolution on renewing, developing and improving the efficiency of the collective economy and cooperatives.

Source: VNA