The scale of Vietnam’s e-commerce is estimated to reach 22 billion USD

Information stated in the newly released “e-Economy SEA 2024” Report by Google, Temasek, Bain & Company. In the region, Vietnam’s e-commerce scale is currently behind Indonesia (65 billion USD) and Thailand (26 billion USD).

Compared to 2023, this industry has grown by 18%, the third fastest rate in the region after the Philippines (23%) and Thailand (19%). By the end of the decade, the Vietnamese market is expected to maintain its current growth rate, averaging more than 19% per year and reaching 63 billion USD by 2030, surpassing Thailand and ranking second in the region after Indonesia.

Accounting for more than 60% of the scale of Vietnam’s digital economy this year, e-commerce is one of the two main growth drivers along with online tourism. The remaining areas include ride-hailing – food, online media.

Recently, in addition to the presence of domestic retail e-commerce platforms such as Shopee, TikTok Shop, Lazada, Tiki and Sendo, the market is witnessing the arrival of cross-border platforms such as Temu, Shein.

In recent comments with VnExpressMr. Tran Tuan Anh, CEO of Shopee Vietnam, said that this industry is fierce because there is still a lot of potential and great room. “This is the time to focus on closely meeting buyers and sellers,” he said.

According to research, Vietnam’s e-commerce market will continue to compete in price, technology and entertainment.

The report “Application of artificial intelligence in e-commerce in Southeast Asia” recently surveyed by Lazada and Kantar, shows that one-third of regional consumers are price-sensitive and actively searching. endow. More than half of respondents cited competitive prices and the presence of coupons. Promotion alone is an important factor influencing repeat purchases.

At the same time, the form of shopping combined with entertainment – through short videos and livestreams – continues to grow. “e-Economy SEA 2024” said that the number of consumer brands in Vietnam with video channels has increased by 5% in the past 2 years.

The overarching impact on consumer shopping habits and behavior is the presence of artificial intelligence (AI). The AI ​​interest index is calculated by Google based on the high number of AI-related searches in Ho Chi Minh City and Hanoi. Lazada’s survey said that up to 88% of respondents in Southeast Asia said they make purchasing decisions based on content and product suggestions created by AI.

In the race with exchanges, this platform recently launched the GenAI (genital artificial intelligence) feature set to attract customers in 4 aspects of product discovery, reliability, incentives and decision making.

“I believe that GenAI will not only revolutionize e-commerce but also completely change the way we shop, sell and interact,” said Mr. James Dong, General Director of Lazada Group.