Southeast Asia is a melting pot of culture and opportunities. With its large and diverse population gradually leaning more towards the digital world, businesses doing cross border Ecommerce have their sights locked on the region, particularly Vietnam.  

Vietnam’s Booming Ecommerce Industry 

The growing number of Vietnamese adapting the digital way of life – to be more specific, their affinity with online shopping and Ecommerce – has grabbed the attention of investors, marketers, and brands worldwide.  

When the COVID-19 pandemic struck, Ecommerce contributed greatly to Vietnam’s economy. According to the latest Vietnam e-Conomy 2020 report by Google, Temasek, and Bain & Company, Ecommerce is responsible for 46% of the country’s growth.  

But what really makes Vietnam stand out? And how can you tap these numerous opportunities for your business? 

Here are three major reasons that could help you make an informed decision on why you should choose Vietnam for your Ecommerce goals.

1. Numbers are Growing 

Vietnam is the second largest Ecommerce market in Southeast Asia. And majority of its over 94 million residents have quickly adapted to a digitally-centred lifestyle, including online shopping. 

The same e-Conomy report showed that the country, in 2020 alone, welcomed around 41% new users of internet economy services. In addition, a survey by Kantar Media showed that 95% of first-time digital consumers would stick with their online purchasing and consumption habits in a post-pandemic setting. 

But those figures don’t just end there. 

Analysts from Google, Temasek and Bain & Company projected that Vietnam’s Internet economy, currently worth US$ 14 billion, will balloon up to US$ 52 billion by 2025 – more than double of its present value. 

2. Digital Payments Are Becoming Popular

Cash is still the dominant mode of payment among Vietnamese consumers.  

But the government’s proactive efforts to rollout digital portal and payment systems, experts believed, was a primary factor behind the increasing number of Vietnamese using digital wallets and online banking. 

The popularity of Ecommerce stores during the COVID-19 pandemic were also drivers in the rise of digital payments, and that cash payments would likely be slashed by a quarter this 2025, according to business consultancy firm Vietnam Briefing.

Check out our other articles about some of the most popular digital payment systems in Southeast Asia.

• GrabPay is now on Shopify
• iPay88 Introduces Easy Payment Plan to Shopify Stores
• Why Your Shopify Store Needs Google Pay?

3. Online Shopping is a Megatrend in Vietnam

When COVID-19 came, more Vietnamese turn to online shopping to buy their necessities. And even if the pandemic is on its way of becoming a less threatening endemic, this routine will likely stay.  

Based on a recent report from Statista, online grocery shopping experienced the highest growth in usage among consumers in Vietnam.  

Furthermore, active Ecommerce penetration rate in Vietnam has reached a high of 78.7% as of May 2021, and Vietnamese digital consumers are projected to spend a whooping US$ 24.4 billion in digital goods and services by 2025.  

Unlock Tons of Opportunities with Ecommerce in Vietnam 

Recent technological advancements made in Vietnam, its ever-growing middle class, and more businesses offering cross border Ecommerce ultimately influenced Vietnamese customers to stick to buying products online in the future. 

Indeed, exciting times are evident in Vietnam’s Ecommerce industry. And if you want to join in the action but don’t know where to start, we can help you there.  

Digital 38 provides end-to-end Ecommerce solutions across the ASEAN Economic Community (AEC), and our local teams are ready to support your brand’s growth.  

Contact us today.