September 19, 2020 08:43

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More than half of Vietnamese people to shop online by 2025

19:10 | 19/05/2020

It is estimated that approximately 55% of the country’s population will shop online by 2025, with the average citizen spending US$600 per year in line with the Government's goals.

 

 

more than half of vietnamese people to shop online by 2025
The ambitious goal was set in a plan signed by Deputy Prime Minister Trinh Dinh Dung regarding the development of the country’s e-commerce sector up to 2025.

It is anticipated that e-commerce sales of the business-consumer model (B2C) will increase by 25% each year with revenue reaching a total sum of US$35 billion, therefore accounting for 10% of the country’s overall retail sales in terms of goods and services.

With regard to support services, non-cash payments are expected to fulfill some 50% of the goal, with the payments through intermediary institutions likely to represent 80% of the total.

In addition, it is hoped that the average cost of delivery and final order completion will make up 10% of product costs in terms of e-commerce transactions.

A total of 80% of e-commerce websites will be integrated with online orders, while approximately 70% of transactions on these websites will involve e-invoices.

Both Hanoi and Ho Chi Minh City are the two locations that will account for half of the value of e-commerce transactions in online shopping over the course of the next five years.

Moreover, half of small and medium-sized enterprises have plans to develop income streams online, including by using social networks, while 40% of businesses are poised to launch mobile applications.

Besides, 70% of units that provide electricity, water, telecommunications, and other communication services will be deploying electronic contracts with their consumers.

 

Source: VOV